2018 List of legislative and technical updates

Personal income tax plan

• 25 Jun 2018 Tax threshholds

• 08 Aug 2018 LAMITO

It is proposed to adjust the personal income tax threshholds, first in 2018/19 and then in 2022/23 and then again in 2024/25:

• In 2018/19 adjustment, the maximum tax offset (LAMITO) is projected to be $530pa for income earners earning between $50,000 and $85,000 (and less for other income levels)

• From 2022/23, there will be further adjustments, as described on the Budget 2018/19 website

Medicare Levy Amendment Bill 2017 (and associated bills)

Not passed, so not implemented.

These bills proposed to increase the Medicare levy from 2% to 2.5% of a person’s taxable income to pay for NDIS funding.

Technical and Legislative updates

23 Apr 2018 

The indexation series for CPI and AWOTE have been updated to include data for the December quarter 2017.