Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024

No. 4, 2024

An Act to amend the law relating to the Medicare levy, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedules 2

Schedule 1—Increasing the Medicare levy low-income thresholds 3

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 3

Medicare Levy Act 1986 3

Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024

No. 4, 2024

An Act to amend the law relating to the Medicare levy, and for related purposes

[Assented to 5 March 2024]

The Parliament of Australia enacts:
1 Short title

This Act is the Treasury Laws Amendment (Cost of Living—Medicare Levy) Act 2024.
2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information Commencement information Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this Act The day after this Act receives the Royal Assent. 6 March 2024

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Increasing the Medicare levy low-income thresholds

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

 1 Paragraphs 15(1)(c) and 16(2)(c)

Omit “$24,276”, substitute “$26,000”.

Medicare Levy Act 1986

 2 Subsection 3(1) (paragraph (a) of the definition of phase-in limit)

Omit “$47,956”, substitute “$51,361”.

 3 Subsection 3(1) (paragraph (c) of the definition of phase-in limit)

Omit “$30,345”, substitute “$32,500”.

 4 Subsection 3(1) (paragraph (a) of the definition of threshold amount)

Omit “$38,365”, substitute “$41,089”.

 5 Subsection 3(1) (paragraph (c) of the definition of threshold amount)

Omit “$24,276”, substitute “$26,000”.

 6 Subsection 8(5) (definition of family income threshold)

Omit “$40,939”, substitute “$43,846”.

 7 Subsection 8(5) (definition of family income threshold)

Omit “$3,760”, substitute “$4,027”.

 8 Subsections 8(6) and (7)

Omit “$40,939”, substitute “$43,846”.

 9 Subsection 8(7)

Omit “$53,406”, substitute “$57,198”.

 10 Paragraph 8D(3)(c)

Omit “$24,276”, substitute “$26,000”.

 11 Subparagraph 8D(4)(a)(ii)

Omit “$24,276”, substitute “$26,000”.

 12 Paragraph 8G(2)(c)

Omit “$24,276”, substitute “$26,000”.

 13 Subparagraph 8G(3)(a)(ii)

Omit “$24,276”, substitute “$26,000”.

 14 Application provision

The amendments made by this Schedule apply in relation to assessments for the 2023-24 year of income and later years of income.

[Minister’s second reading speech made in—

House of Representatives on 6 February 2024

Senate on 26 February 2024]

(9/24)