The Low Income Tax Offset (LITO) is a non-refundable tax offset to reduce ordinary personal income tax for low-income earners.
.lito(input)lito(income, max_lito = 445, lito_taper = 0.015, min_bracket = 37000)
A keyed data.table containing the financial year and the input of every observation for which the LITO should be calculated. The input must have the following structure. The structure will not be checked.
The financial year the LITO parameters should be obtained. This must be the key of the data.table.
The Taxable Income of the individual.
An integer sequence from 1 to nrow(input) which will be the order of the output.
Income of taxpayer
The maximum LITO available.
The amount by which LITO should be shaded out or reduced for every additional dollar of taxable income.
The income at which the lito_taper applies.
For .lito, the a numeric vector equal to the offset for each income and each financial year in input.
For lito, a numeric vector equal to the offset for each income given the LITO parameters.