Australia: Individual income tax, medicare levy, and foreign investment fee bills introduced in Parliament
A number of tax-related legislation have been introduced in Parliament
February 7, 2024
The following pieces of tax-related legislation have been introduced in Parliament:
- Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 proposes to modify income tax rate thresholds and tax rates for individuals for the 2024-25 and later income years.
- 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
- Treasury Laws Amendment (Foreign Investment) Bill 2024 proposes to triple fees for acquiring established residential dwellings and double vacancy fees in the foreign investment framework, and would clarify that these imposts, other foreign investment fees, and similar state and territory property taxes, prevail in the event of any inconsistency with income tax agreements implemented domestically by the Agreements Act.