Legislation that would modify income tax changes and medicare levy for low-income individuals received Royal Assent.
Legislation that would modify previously legislated income tax changes and raise the medicare levy threshold for low-income individuals received Royal Assent.
The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 modifies 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 increases: