Summary

Introduced with the Excise Tariff Amendment (Cost of Living Support) Bill 2022 and Customs Tariff Amendment (Cost of Living Support) Bill 2022, the bill amends the: A New Tax System (Medicare levy Surcharge—Fringe Benefits) Act 1999 and Medicare Levy Act 1986 to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts; Income Tax Assessment Act 1997 to: provide an income tax deduction for taxpayers who incur relevant COVID-19 testing expenses in gaining or producing their assessable income; update the list of deductible gift recipients to include six new entities; and increase the low and middle income tax offset by $420 for the 2021-22 financial year; Corporations Act 2001 to provide regulatory relief to allow businesses to create employee share schemes which they would otherwise be unable to operate due to requirements under the Act; Taxation Administration Act 1953 to reduce the gross domestic product adjustment factor for the 2022-23 financial year to 2 per cent; National Health Act 1953 to lower the Pharmaceutical Benefits Scheme safety net thresholds for concessional to 36 scripts and general to $1457.10 from 1 July 2022; Income Tax Assessment Act 1997, Social Security Act 1991, Social Security (Administration) Act 1999 and Veterans' Entitlements Act 1986 to provide for the payment of a cost of living payment of $250 to certain income support recipients, compensation payment recipients and concession card holders; and Product Stewardship (Oil) Regulations 2000 to make consequential amendments.