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Australia: Consultation on proposal to exempt lump sums payments in arrears from medicare levy

Consultation on a proposed 2023–2024 Budget measure that would exempts eligible lump sum payments in arrears from medical levy

April 9, 2024

The government launched a consultation on a proposed 2023–2024 Budget measure that would exempts eligible lump sum payments in arrears from the medicare levy from 1 July 2024.

According to the measure’s explanatory materials, it is intended to prevent low-income taxpayers from paying higher amounts of the medicare levy as a result of receiving an eligible lump sum payment (e.g., as compensation for underpaid wages).

According to Treasury, to qualify for relief, taxpayers must:

  • Be eligible for a reduction in the medicare levy in the 2 most recent years, or income year, to which the lump sum accrues
  • Satisfy the eligibility requirements of the existing lump sum payment in arrears tax offset, including that a lump sum accounts for at least 10% of the taxpayer’s income in the year of receipt

The consultation closes on 23 April 2024.

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