Personal tax changes (clean energy)

With the introduction of the Clean Energy Future Plan, the cost of living is expected to increase. The government has simplified the personal income tax system and provided assistance with the expected financial impact on low and middle income individuals from the price on carbon.

From 1 July 2012, the statutory tax-free threshold and the first two marginal tax rates will be increased, as well as the Medicare levy low income thresholds. The senior Australian tax offset will be renamed the seniors and pensioners tax offset. Consequently, the pensioner tax offset will no longer be available.

Media release

For more information, refer to:

• Clean energy reforms receive royal assent issued 9 December 2011 by the Treasurer, Minister for Families, Housing, Community Services and Indigenous Affairs and the Minister for Climate Change and Energy Efficiency
• Securing a clean energy future for Australia issued 10 July 2011 by the Prime Minister, Deputy Prime Minister, Treasurer, and the Minister for Climate Change and Energy Efficiency.

Legislation and supporting material

The Clean Energy (Income Tax Rates Amendments) Act 2011 and the Clean Energy (Tax Laws Amendment) Act 2011 received royal assent on 4 December 2011.

Proclamation occurred on 7 December 2011 with our administrative responsibility to commence from 2 April 2012.

More information Refer to: Personal tax changes (clean energy) Clean Energy Future - Household Assistance - Tax reform Clean Energy Future - Household Assistance Package