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This is a Bill, not an Act. For current law, see the Acts databases.
TAX LAWS AMENDMENT (MEDICARE LEVY AND MEDICARE LEVY SURCHARGE) BILL 2005
2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Medicare Levy
and Medicare Levy Surcharge) Bill 2005
No. , 2005
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
i Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. ,
2005
Contents
1
Short title.......................................................................................1
2
Commencement .............................................................................1
3
Schedule(s)....................................................................................1
4
Amendment of assessments............................................................2
Schedule 1--Medicare levy and Medicare levy surcharge low
income thresholds
3
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act
1999
3
Medicare Levy Act 1986
3
Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005
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 Laws Amendment (Medicare Levy
5
and Medicare Levy Surcharge) Act 2005.
6
2 Commencement
7
This Act commences on the day on which it receives the Royal
8
Assent.
9
3 Schedule(s)
10
Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
2 Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No.
, 2005
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
4 Amendment of assessments
3
Section 170 of the Income Tax Assessment Act 1936 does not
4
prevent the amendment of an assessment made before the
5
commencement of this section for the purposes of giving effect to
6
this Act.
7
Medicare levy and Medicare levy surcharge low income thresholds Schedule 1
Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005
3
1
Schedule 1--Medicare levy and Medicare levy
2
surcharge low income thresholds
3
4
A New Tax System (Medicare Levy Surcharge--Fringe
5
Benefits) Act 1999
6
1 Paragraphs 15(1)(c) and 16(2)(c)
7
Omit "$15,529", substitute "$15,902".
8
Medicare Levy Act 1986
9
2 Subsection 3(1) (paragraph (b) of the definition of phase-in
10
limit)
11
Omit "$19,611", substitute "$20,812".
12
3 Subsection 3(1) (paragraph (c) of the definition of phase-in
13
limit)
14
Omit "$16,788", substitute "$17,191".
15
4 Subsection 3(1) (paragraph (b) of the definition of threshold
16
amount)
17
Omit "$18,141", substitute "$19,252".
18
5 Subsection 3(1) (paragraph (c) of the definition of threshold
19
amount)
20
Omit "$15,529", substitute "$15,902".
21
6 Subsection 8(5) (definition of family income threshold)
22
Omit "$26,205", substitute "$26,834".
23
7 Subsection 8(5) (definition of family income threshold)
24
Omit "$2,406", substitute "$2,464".
25
8 Subsections 8(6) and (7)
26
Omit "$26,205", substitute "$26,834".
27
Schedule 1 Medicare levy and Medicare levy surcharge low income thresholds
4 Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No.
, 2005
9 Paragraph 8D(3)(c)
1
Omit "$15,529", substitute "$15,902".
2
10 Subparagraph 8D(4)(a)(ii)
3
Omit "$15,529", substitute "$15,902".
4
11 Paragraph 8G(2)(c)
5
Omit "$15,529", substitute "$15,902".
6
12 Subparagraph 8G(3)(a)(ii)
7
Omit "$15,529", substitute "$15,902".
8
13 Application of amendments
9
The amendments made by this Schedule apply to assessments for the
10
2004-2005 year of income and later years of income.
11