Federal Budget 2017/18: Medicare levy

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.

 

By | 2017-06-28T20:22:01+00:00 June 27th, 2017|Federal budget 2017/2018, Medicare, Taxes|0 Comments
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