Revised tax cuts pass both houses
A broader range of taxpayers are set to receive tax cuts from 1 July, with Labor’s tax cuts bill passing through the Senate.
The bill to implement Labor’s revised tax cuts has now passed both houses of parliament.
Prime Minister Anthony Albanese announced in late January that Labor would make amendments to the stage three tax cuts to deliver broader and better outcomes to all taxpayers.
The revised measures involved cutting the lowest rate of income tax from 19 per cent to 16 per cent and the second lowest from 32.5 per cent to 30 per cent, increasing the Medicare levy threshold and the top 45 per cent tax threshold.
Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 passed through the Senate without amendment.
The Senate also passed the Treasury Laws Amendment (Cost of Living—Medicare Levy) Bill 2024, which increases the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset.