Australia: Individual income tax and medicare levy bills pass both Houses of Parliament
The bills await Royal Assent
The bills await Royal Assent
Parliament has passed legislation that would modify previously legislated income tax changes and raise the medicare levy threshold for low-income individuals. The bills now await Royal Assent.
The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 proposes to modify income tax rate thresholds and tax rates for individuals for the 2024-2025 and later income years.
The accompanying Treasury Laws Amendment (Cost of Living—Medicare Levy) Bill 2024 seeks to increase:
- Medicare levy low-income thresholds for individuals and families (along with the dependent child/student component of the family threshold) in line with movements in the consumer price index (CPI)
- Medicare levy low-income thresholds for individuals and families eligible for seniors and pensioners tax offset (along with the dependent child/student component of the family threshold), in line with movements in the CPI
- Surcharge low-income threshold in line with movements in the CPI
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