Individual Taxation Measures & Assistance

As part of this year’s Federal Budget, the Treasurer delivered a number of key measures impacting both individuals and families.

These measures aim to assist everyday Australians combat the increasing cost-of-living crisis through ‘meaningful impact’, support for the “most vulnerable Australians”, and allow for individuals and households to prepare for the future.

Key priorities for households/individuals in the 2023/24 Federal Budget included:

  • Energy Bill Price Rebate / Relief

    One of the key policies to be announced as part of this years’ Budget pertains to cost-of-living relief for rising electricity and gas bills for households and small businesses.

    Under the $3 billion package, from July 2023, eligible households in New South Wales, Victoria, Queensland, South Australia and Tasmania will receive up to a $500 rebate against their gas or electricity bill.

    Those eligible households in Western Australia, Northern Territory, and the Australian Capital Territory will receive a rebate of up to $350.

    The Energy Bill Relief package aims to support those in “greatest need”, which includes pensioners, Commonwealth Seniors Health Card holders, Family Tax Benefit A and B recipients, and small business customers of electricity providers.

  • Greater Access to Cheaper Medicines

    As announced ahead of the Federal Budget address, Australians will be able to buy two months’ worth of medicine for the price of a single (one month) prescription for more than 300 common PBS medicines.

    Medicines to treat COVID-19 and cystic fibrosis are also being expanded or added to the PBS program.

  • Increasing the Medicare Levy Low-Income Thresholds

    The Government will increase the Medicare levy low-income thresholds for singles, families and senior & pensioners from 1 July 2022.

    The thresholds will be increased as follows:

    • for singles – from $23,365 to $24,276;
    • for families – from $39,402 to $40,939;
    • for single pensioners and singles – from $36,925 to $38,365; and
    • for family pensioners and singles – from $51,401 to $53,406.


    For each dependent child or student, the family income thresholds will increase by a further $3,760.

  • Expansion to First Home Guarantee Scheme

    Ahead of the Federal Budget’s official release, the Labor Government confirmed the expansion of its eligibility criteria for access to the Home Guarantee Scheme, in an attempt to address the housing affordability crisis and widening the ability for Australia’s to access the property market.

    Under the changes, from 1 July, “eligible individuals” (categorised as friends, siblings, and other family members) will be able to jointly apply for the First Home Guarantee and Regional First Home Guarantee Schemes.

    Prior to the announcement, eligibility criteria were restricted to married and single people, and those in de-facto relationships.

    Via the program, the Federal Government will act as a guarantor on up to 15 per cent of a home loan. In doing so, this enables eligible home buyers to purchase a property with a 5 per cent deposit, without the need to pay Lenders Mortgage Insurance.

    Additionally, as part of the extended eligibility criteria, access to each scheme will also be made available to Permanent Residents, in addition to full Australian citizens.

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