The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Medicare Levy Amendment (CPI Indexation) Bill 1999

No. , 1999

(Treasury)

A Bill for an Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

ISBN: 0642 426309

Contents

A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 3

Medicare Levy Act 1986 3

A Bill for an Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Medicare Levy Amendment (CPI Indexation) Act 1999.

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3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

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

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

Omit "$13,389", substitute "$13,550".

2 Application

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

Medicare Levy Act 1986

3 Subsections 7(1) and (2)

Omit "$13,389", substitute "$13,550".

4 Subsection 7(2)

Omit "$14,474", substitute "$14,648".

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

Omit "$22,594", substitute "$22,865".

6 Subsection 8(6)

Omit "$22,594", substitute "$22,865".

7 Paragraph 8D(3)(c)

Omit "$13,389", substitute "$13,550".

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

Omit "$13,389", substitute "$13,550".

9 Subsections 8G(2) and (3)

Omit "$13,389", substitute "$13,550".

10 Application

The amendments of the Medicare Levy Act 1986 made by this Schedule apply to assessments for the 1999-2000 year of income and later years of income.