Medicare Levy Low-income Threshold for 2023/24 Financial Year

The Exposure Draft – Treasury Laws Amendment (Cost of Living – Medicare Levy) Bill 2024 will increase the Medicare levy low-income threshold for singles to $26,000 for 2023-24. For couples with no children, the family income threshold will be increased to $43,846. The additional amount of threshold for each dependent child or student will be increased to $4,027.

For single seniors and pensioners eligible for the SAPTO, the Medicare levy low-income threshold will be increased to $41,089. The family threshold for seniors and pensioners will be increased to $57,198, plus $4,027 for each dependent child or student.

Date of effect: The bill will commence from the first quarter after it receives assent, applicable from the 2023-24 income year.