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Schedule 1—Amendments

Schedule 1 Amendments

   

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

1  Subsection 4(1)

Omit “(1)”.

2  Paragraph 4(1)(b)

Repeal the paragraph, substitute:

                     (b)  any excess payable in respect of benefits under the policy is no more than the applicable amount set out in section 45-1 of that Act in any 12 month period.

3  Subsections 4(2), (4) and (5)

Repeal the subsections.

4  Application

The amendments made by items 2 and 3 of this Schedule apply in relation to the 2018-19 income year and later income years.