More than ten MILLION Australians set to receive $1080 handout after completing their tax return in 2021

More than ten million Australians will receive a $1080 government handout after filing their tax return in 2021.

Parliament on Thursday passed the the Low and Middle Income Tax Offset (LMITO), meaning that the cash splash could hit Aussie hip pockets in July.

Australian residents who earn under $126,000 annually are eligible to receive the handout.

The decision is expected to benefit more than 10 million people and is worth up to $1080 for individuals and $2160 for dual income couples.

All they need to do is file their their 2020-21 tax return, and the Australian Tax Office will take care of the rest.

The handout is expected to take around ten days to hit bank accounts.

The LMITO, or Lamington as it has been dubbed, will come at a cost to taxpayers of $7.8 billion.

Extending the LMITO should boost the economy by $4.5 billion in 2022/23 – when the payments go into people’s pockets, according to budget papers released in May.

When Treasurer Josh Frydenberg delivered the budget in May, he touted the LMITO as “more of their money in their pockets to spend across the economy”.

“So tonight we go further, announcing that over 10 million low and middle income earners will benefit from a new and additional tax cut,” he said at the time.

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