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

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 2 Commencement 3 Schedules Schedule 1—Increasing the Medicare levy low‑income thresholds A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 Medicare Levy Act 1986 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 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after this Act receives the Royal Assent. 6 March 2024 Note: This table relates only to the provisions of this Act as originally enacted.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in any published version of this Act. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—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)