Medicare levy low-income thresholds increase
From the 2017 income year, the Medicare levy low-income thresholds for singles, families and seniors and pensioners will increase as follows:
- The threshold for singles: to $21,655
- The family threshold: to $36,541 plus $3,356 for each dependent child or student
- The threshold for single seniors and pensioners: to $34,244
- The family threshold for seniors and pensioners: to $47,670 plus $3,356 for each dependent child or student
Medicare levy increase from 1 July 2019
From 1 July 2019, the Medicare levy will increase from 2% to 2.5% of the taxable income.
Other tax rates linked to the top personal tax rate, such as the fringe benefits tax rate, will also be increased.
Low-income earners will continue to get relief from the Medicare levy through the low-income thresholds.
The current exemptions from the Medicare levy will also remain in place.