Medicare Levy Consequential Amendment (Trust Loss) Act 1998

No. 30, 1998

Medicare Levy Consequential Amendment (Trust Loss) Act 1998

No. 30, 1998

An Act to amend the Medicare Levy Act 1986, and for related purposes

Contents

1 Short title..................................1

2 Commencement..............................1

3 Schedule(s).................................2

Schedule 1—Amendment of the Medicare Levy Act 1986 3

Medicare Levy Consequential Amendment (Trust Loss) Act 1998

No. 30, 1998

An Act to amend the Medicare Levy Act 1986, and for related purposes

[Assented to 17 April 1998]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Medicare Levy Consequential Amendment (Trust Loss) Act 1998.

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  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendment of the Medicare Levy Act 1986

1  After subsection 3(2)

Insert:

 (2A) In section 8B, 8C, 8D, 8E, 8F or 8G, net income and taxable income have the meanings that they would have in that section if subsection 271-105(1) of Schedule 2F to the Assessment Act were ignored.

2  Application

The amendment made by this Schedule applies for the 1997-98 year of income and all later years of income.

[Minister's second reading speech made in—

House of Representatives on 1 October 1997

Senate on 27 October 1997]