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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 2008

2008

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 2008

No. , 2008

(Treasury)

A Bill for an Act to amend the law relating to taxation, and for related purposes



Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008 No. , 2008

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008 No. , 2008
Contents

 

1 Short title 1

 

2 Commencement 1

 

3 Schedule(s) 1
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




Medicare levy and Medicare levy surcharge income thresholds Schedule 1



Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008 No. , 2008

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008 No. , 2008

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008 No. , 2008
A Bill for an Act to amend the law relating to taxation, and for related purposes
The Parliament of Australia enacts:

 

1 Short title

This Act may be cited as the Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2008.

 

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

 

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


Schedule 1--Medicare levy and Medicare levy surcharge income thresholds

A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999

 

1 Paragraphs 15(1)(c) and 16(2)(c)
Omit "$16,740", substitute "$17,309".

Medicare Levy Act 1986

 

2 Subsection 3(1) (paragraph (b) of the definition of phase-in limit)
Omit "$25,455", substitute "$26,967".

 

3 Subsection 3(1) (paragraph (c) of the definition of phase-in limit)
Omit "$19,694", substitute "$20,363".

 

4 Subsection 3(1) (paragraph (b) of the definition of threshold amount)
Omit "$21,637", substitute "$22,922".

 

5 Subsection 3(1) (paragraph (c) of the definition of threshold amount)
Omit "$16,740", substitute "$17,309".

 

6 Subsection 8(5) (definition of family income threshold)
Omit "$28,247", substitute "$29,207".

 

7 Subsection 8(5) (definition of family income threshold)
Omit "$2,594", substitute "$2,682".

 

8 Subsections 8(6) and (7)
Omit "$28,247", substitute "$29,207".

 

9 Paragraph 8D(3)(c)
Omit "$16,740", substitute "$17,309".

 

10 Subparagraph 8D(4)(a)(ii)
Omit "$16,740", substitute "$17,309".

 

11 Paragraph 8G(2)(c)
Omit "$16,740", substitute "$17,309".

 

12 Subparagraph 8G(3)(a)(ii)
Omit "$16,740", substitute "$17,309".

 

13 Application of amendments
The amendments made by this Schedule apply to assessments for the 2007-08 year of income and later years of income.

 


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