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Increase of Medicare levy low income thresholds.



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Press Release

SENATOR THE HON. ROD KEMP 

ASSISTANT TREASURER 

INCREASE OF MEDICARE LEVY LOW INCOME THRESHOLDS

 

 

The Assistant Treasurer, Senator the Hon. Rod Kemp, today announced amendments to the income tax law to provide for increases to the Medicare levy low income thresholds in line with increases to CPI indexed thresholds in the taxation law.

 

The Government has decided that the Medicare levy low income threshold for individuals will be increased from $13,389 to $13,550 and the basic amount of the family income threshold will be increased from $22,594 to $22,865 with effect from the 1999-2000 year of income and later years of income. The announcement continues the Government’s practice in recent years of amending these thresholds each year in line with CPI increases.

 

A full list of the new thresholds is attached.

 

Legislation giving effect to these amendments will be introduced as soon as practicable.

 

 

CANBERRA

17 November, 1999

 

 

Media contacts: Phil Bignell Australian Taxation Office (02) 6216 1734

Richard Ailsop Assistant Treasurer’s Office (03) 9650 7274

 

 

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al  1999-11-18  11:53