diff --git a/austax/reports.py b/austax/reports.py
index 113092a..efb1b04 100644
--- a/austax/reports.py
+++ b/austax/reports.py
@@ -30,10 +30,14 @@ def base_income_tax(year, taxable_income):
 			lower_limit = base_tax[year][i - 1][0] or 0
 			return Amount(flat_amount * (10**AMOUNT_DPS) + marginal_rate * (taxable_income.quantity - lower_limit * (10**AMOUNT_DPS)), '$')
 
-def lito(taxable_income):
+def lito(taxable_income, total_tax):
 	"""Get the amount of low income tax offset"""
 	
 	if taxable_income.quantity <= 3750000:
+		# LITO is non-refundable
+		# FIXME: This will not work if we implement multiple non-refundable tax offsets
+		if total_tax.quantity <= 70000:
+			return total_tax
 		return Amount(70000, '$')
 	if taxable_income.quantity <= 4500000:
 		return Amount(70000 - 0.05 * (taxable_income.quantity - 3750000), '$')
@@ -169,7 +173,7 @@ def tax_summary_report():
 				Section(
 					title='Tax offsets',
 					entries=entries_for_kind(account_configurations, accounts, 'austax.offset', neg=True) + [
-						Calculated('Low income tax offset', lambda _: lito(report.by_id('taxable').amount)),
+						Calculated('Low income tax offset', lambda _: lito(report.by_id('taxable').amount, report.by_id('total_tax').amount)),
 						Subtotal('Total tax offsets', id='offsets')
 					]
 				),