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Monday, 13 October 2008
Page: 5779


Senator LUDWIG (Manager of Government Business in the Senate) (3:55 PM) —I give notice that on the next day of sitting I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill (No. 2) 2008, allowing it to be considered during this period of sittings.

I table a statement of reasons justifying the need for this bill to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The statement read as follows—

TAX LAWS AMENDMENT (MEDICARE LEVY SURCHARGE THRESHOLDS) BILL (No. 2) 2008

Purpose of the Bill

The Bill will amend the Medicare Levy Act 1986 and the A New Tax System (Medicare Levy Surcharge-Fringe Benefits) Act 1999 to increase the Medicare levy surcharge threshold for individuals from $50,000 to $75,000 and for families from $100,000 to $150,000.

Reasons for Urgency

The legislation is introducing new Medicare levy surcharge thresholds for individuals and families that will take effect from 1 July 2008.  Introduction and passage of the Bill in the 2008 spring sitting is necessary to provide certainty for taxpayers as to their Medicare levy surcharge liability for the 2008-09 income year and later income years.