Treasury Laws Amendment (More Cost of Living Relief) Bill 2025

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
47

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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.

Progress

House of Representatives
Introduced and read a first time 26 Mar 2025
Second reading moved 26 Mar 2025
Second reading debate 26 Mar 2025
Second reading agreed to 26 Mar 2025
Third reading agreed to 26 Mar 2025
Senate
Introduced and read a first time 26 Mar 2025
Second reading moved 26 Mar 2025
Second reading agreed to 26 Mar 2025
Third reading agreed to 26 Mar 2025
Finally passed both Houses 26 Mar 2025
Assent
  • Act no: 28
  • Year: 2025
27 Mar 2025

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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