Medicare levy low‐income thresholds increased

The Medicare levy low‐income thresholds for singles, families and single seniors and pensioners will be increased from the 2014/15 income year (i.e. the current tax year).

The threshold for singles will be increased to $20,896 (up from $20,542 for 2013/14). For couples with no children, the threshold will be increased to $35,261 (up from $34,367 for 2013/14) and the additional amount of threshold for each dependent child or student will be increased to $3,238 (up from $3,156 for 2013/14).

For single seniors and pensioners, the threshold will be increased to $33,044 (up from $32,279 for 2013/14).This threshold applies to those entitled to the seniors and pensioners tax offset.