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Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2008

Schedule 1 Medicare 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 “$16,740”, substitute “$17,309”.

Medicare Levy Act 1986

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

Omit “$25,455”, substitute “$26,967”.

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

Omit “$19,694”, substitute “$20,363”.

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

Omit “$21,637”, substitute “$22,922”.

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

Omit “$16,740”, substitute “$17,309”.

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

Omit “$28,247”, substitute “$29,207”.

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

Omit “$2,594”, substitute “$2,682”.

8  Subsections 8(6) and (7)

Omit “$28,247”, substitute “$29,207”.

9  Paragraph 8D(3)(c)

Omit “$16,740”, substitute “$17,309”.

10  Subparagraph 8D(4)(a)(ii)

Omit “$16,740”, substitute “$17,309”.

11  Paragraph 8G(2)(c)

Omit “$16,740”, substitute “$17,309”.

12  Subparagraph 8G(3)(a)(ii)

Omit “$16,740”, substitute “$17,309”.

13  Application of amendments

The amendments made by this Schedule apply to assessments for the 2007-08 year of income and later years of income.