Australia Gazettes Legislative Instrument Updating Withholding Tax Schedules, Various Income Thresholds, Limits for 2026

The Australian Official Gazette June 12 published a legislative instrument on the updated withholding tax schedules for 2026. The instrument includes measures: 1) amending specified withholding tax schedules; 2) increasing low-income thresholds for the Medicare levy; 3) indexing the income limit for various income, such as early termination payments (ETPs) and defined benefit plan income payments; 4) specifying the amounts, formulas, and rates for various pay as you go (PAYG) withholding payments; and 5) clarifying the withholding tax calculation procedure for various categories of income under the 2026 withholding tables. The instrument takes effect July 1. [Australia, Government Legal Database, ...