Increasing the Medicare levy low-income thresholds

Larn Group of Accountants > Increasing the Medicare levy low-income thresholds
Increasing the Medicare levy low-income thresholds
Posted on: 24 May 2017
tax calculation

On 9 May 2017, the Government announced that the Medicare levy low-income thresholds for singles, families, seniors and pensioners will increase from the 2016-17 income year.

The threshold increases mean that households will not pay the Medicare levy if their taxable income is below a statutory low-income threshold.

The singles threshold will increase to $21,655.

The family threshold will increase to $36,541 plus $3,356 for each dependent child or student.

The single seniors and pensioners threshold will increase to $34,244.

The family threshold for seniors and pensioners will increase to $47, 670 plus $3,356 for each dependent child or student.

News source: https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-individuals/Increasing-the-Medicare-Levy-low-income-thresholds/