Summary
Introduced with the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024, 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.