Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2016
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax and Superannuation Laws
Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
No. , 2016
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2016
Tax and Superannuation Laws Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Medicare levy and Medicare levy surcharge
income thresholds
3
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act
1999
3
Medicare Levy Act 1986
3
No. , 2016
Tax and Superannuation Laws Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Tax and Superannuation Laws
5
Amendment (Medicare Levy and Medicare Levy Surcharge) Act
6
2016.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Tax and Superannuation Laws Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
No. , 2016
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day this Act receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Medicare levy and Medicare levy surcharge income thresholds Schedule 1
No. , 2016
Tax and Superannuation Laws Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
3
Schedule 1--Medicare levy and Medicare levy
1
surcharge income thresholds
2
3
A New Tax System (Medicare Levy Surcharge--Fringe
4
Benefits) Act 1999
5
1 Paragraphs 15(1)(c) and 16(2)(c)
6
Omit "$20,896", substitute "$21,335".
7
Medicare Levy Act 1986
8
2 Subsection 3(1) (paragraph (a) of the definition of phase-in
9
limit)
10
Omit "$41,305", substitute "$42,172".
11
3 Subsection 3(1) (paragraph (c) of the definition of phase-in
12
limit)
13
Omit "$26,120", substitute "$26,668".
14
4 Subsection 3(1) (paragraph (a) of the definition of threshold
15
amount)
16
Omit "$33,044", substitute "$33,738".
17
5 Subsection 3(1) (paragraph (c) of the definition of threshold
18
amount)
19
Omit "$20,896", substitute "$21,335".
20
6 Subsection 8(5) (definition of family income threshold)
21
Omit "$35,261", substitute "$36,001".
22
7 Subsection 8(5) (definition of family income threshold)
23
Omit "$3,238", substitute "$3,306".
24
8 Subsections 8(6) and (7)
25
Omit "$35,261", substitute "$36,001".
26
Schedule 1 Medicare levy and Medicare levy surcharge income thresholds
4
Tax and Superannuation Laws Amendment (Medicare Levy and
Medicare Levy Surcharge) Bill 2016
No. , 2016
9 Subsection 8(7)
1
Omit "$46,000", substitute "$46,966".
2
10 Paragraph 8D(3)(c)
3
Omit "$20,896", substitute "$21,335".
4
11 Subparagraph 8D(4)(a)(ii)
5
Omit "$20,896", substitute "$21,335".
6
12 Paragraph 8G(2)(c)
7
Omit "$20,896", substitute "$21,335".
8
13 Subparagraph 8G(3)(a)(ii)
9
Omit "$20,896", substitute "$21,335".
10
14 Application of amendments
11
The amendments made by this Schedule apply to assessments for the
12
2015-16 year of income and later years of income.
13