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08 May 077 Senior Australians

Senior Australians eligible for the senior Australians tax offset currently pay no tax up to an annual income of $24,867 for singles and $41,360 for couples (depending on the income earned by each member of the couple). The effect of the tax cuts is to lift these income levels up to $25,867 for singles and $43,360 for couples.

The Medicare levy threshold that applies to senior Australians will be increased to ensure that senior Australians do not pay the Medicare levy until they begin to incur an income tax liability.

For a copy of the Treasurer's press release, No 2007/34, 8 May 2007, go here

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