Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 (Cth) (Act 3 of 2024) and the Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024 (Cth) (Act 4 of 2024).

Act 3 of 2024

The Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 seeks to amend the income tax law to modify income tax rate thresholds and tax rates for individuals for the 2024-25 and later income years.    

Act 4 of 2024

The Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024 amends the Medicare Levy Act 1986 and the A New Tax System (Medicare Levy Surcharge — Fringe Benefits) Act 1999 to increase:

• the 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);
• the 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; and
• the surcharge low-income threshold in line with movements in the CPI.

These amendments have been updated in the Point-in-Time Income Tax Service current to 7 March 2024 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.