Tax rates changed for 1996-97 Medicare Levy increases

Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

Media Release - Nat 96/34

Latest schedules for tax instalment deductions have been available since 1 July from your nearest Tax Office and Australia Post outlet.

These schedules contain new rates which apply from the first payday after 1/7/96 as a result of the increase to the Medicare Levy. This reflects a previously announced decision by the Commonwealth Government to allow for a one-off increase in the Levy in order to fund the costs of the gun 'buy-back' scheme.

The new rates affect all registered group employers. They also apply in circumstances where no tax file number is quoted and therefore affects registered payers under the Prescribed Payments and Reportable Payments Systems and those payers who withhold tax from investment and royalty income.

The Medicare Levy has been increased by 0.2% to 1.7% for this financial year.

CANBERRA
15 July 1996

Contact: Corporate Communication Branch
(06) 216 1901 (bh)
(06) 285 6116 (pager)

For further inquiries from members of the public see the ATO Contacts page.

Last Modified: Monday, 15 July 1996