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Australia: Individual income tax and medicare levy bills receive Royal Assent

Legislation that would modify income tax changes and medicare levy for low-income individuals received Royal Assent.

March 6, 2024

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:

  • 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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