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This is a Bill, not an Act. For current law, see the Acts databases.
Presented and read a first time
Tax Laws Amendment (Medicare Levy Surcharge Thresholds) 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 Surcharge Thresholds) Bill 2008 No. , 2008
Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill 2008 No. , 2008
Contents
1 Short title 1
2 Commencement 1
3 Schedule(s) 1
Schedule 1--Singles and families income thresholds 3
Part 1--Amendments 3
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 3
Medicare Levy Act 1986 3
Part 2--Application 5
Schedule 1 Singles and families income thresholds
Part 1 Amendments
Singles and families income thresholds Schedule 1
Amendments Part 1
Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill 2008 No. , 2008
Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill 2008 No. , 2008
Tax Laws Amendment (Medicare Levy Surcharge Thresholds) 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 Surcharge Thresholds) 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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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--Singles and families income thresholds
Part 1--Amendments
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999
1 Subsection 6(1)
Omit "$100,000", substitute "$150,000".
2 Subsection 6(2)
Repeal the subsection, substitute:
(2) However, if the person has 2 or more dependants who are children, the family surcharge threshold for the person for the year of income is the amount worked out using the formula:
Example: If a person has 3 dependants who are children, the family surcharge threshold is:
3 Paragraph 12(1)(a)
Omit "$50,000", substitute "$100,000".
Medicare Levy Act 1986
4 Section 3A
Repeal the section, substitute:
3A Meaning of family surcharge threshold
In sections 8C, 8D, 8F and 8G:
family surcharge threshold for a year of income is:
(a) $150,000; or
(b) if a person has 2 or more dependants who are children--the amount worked out as follows:
Example: If a person has 3 dependants who are children, the family surcharge threshold under paragraph (b) is:
5 Subsection 8B(2)
Omit "$50,000", substitute "$100,000".
6 Subsection 8E(2)
Omit "$50,000", substitute "$100,000".
Part 2--Application
7 Application
The amendments made by this Schedule apply to assessments for the 2008-09 year of income and later years of income.
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