Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the law relating to taxation, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 16 May 2011
Introduced HR 12 May 2011
Table of contents.

2010‑2011

 

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 2011

 

No.      , 2011

 

(Treasury)

 

 

 

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

  

  


Contents

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

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

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

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

 


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 2011.

2  Commencement

                   This Act commences on the day this Act 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                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1Medicare 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 “$18,488”, substitute “$18,839”.

Medicare Levy Act 1986

2  Subsection 3(1) (paragraph (b) of the definition of phase‑in limit)

Omit “$32,584”, substitute “$35,810”.

3  Subsection 3(1) (paragraph (c) of the definition of phase‑in limit)

Omit “$21,750”, substitute “$22,163”.

4  Subsection 3(1) (paragraph (b) of the definition of threshold amount)

Omit “$27,697”, substitute “$30,439”.

5  Subsection 3(1) (paragraph (c) of the definition of threshold amount)

Omit “$18,488”, substitute “$18,839”.

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

Omit “$31,196”, substitute “$31,789”.

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

Omit “$2,865”, substitute “$2,919”.

8  Subsections 8(6) and (7)

Omit “$31,196”, substitute “$31,789”.

9  Paragraph 8D(3)(c)

Omit “$18,488”, substitute “$18,839”.

10  Subparagraph 8D(4)(a)(ii)

Omit “$18,488”, substitute “$18,839”.

11  Paragraph 8G(2)(c)

Omit “$18,488”, substitute “$18,839”.

12  Subparagraph 8G(3)(a)(ii)

Omit “$18,488”, substitute “$18,839”.

13  Application of amendments

The amendments made by this Schedule apply to assessments for the 2010‑11 year of income and later years of income.