Treasury Laws Amendment (Cost of Living Support and Other Measures) Bill 2022

Introduced with the Excise Tariff Amendment (Cost of Living Support) Bill 2022 and Customs Tariff Amendment (Cost of Living Support) Bill 2022, the bill amends the: 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; Income Tax Assessment Act 1997 to: provide an income tax deduction for taxpayers who incur relevant COVID-19 testing expenses in gaining or producing their assessable income; update the list of deductible gift recipients to include six new entities; and increase the low and middle income tax offset by $420 for the 2021-22 financial year; Corporations Act 2001 to provide regulatory relief to allow businesses to create employee share schemes which they would otherwise be unable to operate due to requirements under the Act; Taxation Administration Act 1953 to reduce the gross domestic product adjustment factor for the 2022-23 financial year to 2 per cent; National Health Act 1953 to lower the Pharmaceutical Benefits Scheme safety net thresholds for concessional to 36 scripts and general to $1457.10 from 1 July 2022; Income Tax Assessment Act 1997, Social Security Act 1991, Social Security (Administration) Act 1999 and Veterans' Entitlements Act 1986 to provide for the payment of a cost of living payment of $250 to certain income support recipients, compensation payment recipients and concession card holders; and Product Stewardship (Oil) Regulations 2000 to make consequential amendments.
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