Summary
Amends the:
Income Tax Assessment Act 1936
to increase the low income tax offset and the income threshold at which the low income tax offset begins to be withdrawn;
Income Tax Rates Act 1986
to: increase the personal income tax thresholds for resident and non-resident taxpayers; and make consequential amendments; and
Medicare Levy Act 1986
to increase the income threshold that applies to taxpayers who are eligible for the Senior Australians Tax Offset. Also contains an application provision.