20th August 2017 | Business
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.
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The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.