Cost of living tax cuts and medicare levy bills pass House of Representatives
Legislation that proposes to modify previously legislated income tax changes, in addition to raising the medicare levy threshold for low-income individuals, has passed the House of Representatives.
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: