Medicare Levy Amendment (CPI Indexation) Act (No. 1) 2001

No. 12, 2001

An Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

Medicare Levy Amendment (CPI Indexation) Act (No. 1) 2001

No. 12, 2001

An Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

[Assented to 22 March 2001]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Medicare Levy Amendment (CPI Indexation) Act (No. 1) 2001.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

Part 1—A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

1 Paragraphs 15(1)(c) and 16(2)(c)

Omit “$13,550”, substitute “$13,807”.

2 Application

The amendments of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 made by this Part apply to assessments for the 2000‑2001 year of income and later years of income.

Part 2—Medicare Levy Act 1986

3 Subsection 7(1)

Omit “$13,550”, substitute “$13,807”.

4 Subsection 7(2)

Omit “$13,550”, substitute “$13,807”.

5 Subsection 7(2)

Omit “$14,648”, substitute “$14,926”.

6 Subsection 8(5) (definition of family income threshold)

Omit “$22,865”, substitute “$23,299”.

7 Subsection 8(5) (definition of family income threshold)

Omit “$2,100”, substitute “$2,140”.

8 Subsection 8(6)

Omit “$22,865”, substitute “$23,299”.

9 Paragraph 8D(3)(c)

Omit “$13,550”, substitute “$13,807”.

10 Subparagraph 8D(4)(a)(ii)

Omit “$13,550”, substitute “$13,807”.

11 Paragraph 8G(2)(c)

Omit “$13,550”, substitute “$13,807”.

12 Subparagraph 8G(3)(a)(ii)

Omit “$13,550”, substitute “$1 3,807”.

13 Application

The amendments of the Medicare Levy Act 1986 made by this Part apply to assessments for the 2000‑2001 year of income and later years of income.