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: