Medicare Levy and Medicare Levy Surcharge Update
Individual Tax Updates │September 2017
The Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2017 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 threshold for individuals and families eligible for the 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 Medicare levy surcharge low-income threshold in line with movements in the CPI.
In addition:
- The singles threshold will increase from $21,335 to $21,655.
- The family threshold will increase from $36,001 to $36,541 plus $3,356 for each dependent child or student.
- The single seniors and pensioners threshold will increase from $33,738 to $34,244.
- The family threshold for seniors and pensioners will increase from $46,966 to $47,670 plus $3,356 for each dependent child or student.
For more information or to schedule an appointment, please contact us below or call us on 1300 627 829.
If you are unsure of your tax obligations or are in need of specialist advice, please speak with your Accountant.
Source: TaxWise 2017
