Summary
Amends the:
Income Tax Rates Act 1986
to reduce the first income tax marginal rate to 15 per cent for the 2026-27 financial year and to 14 per cent for the 2027-28 and later financial years; and
A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999
and
Medicare Levy Act 1986
to: increase 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; and increase the phase-in limits as a result of the increased threshold amounts.