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Taxation Laws Amendment (Changes for Senior Australians) Bill 2001
Schedule 2 Medicare levy thresholds

   

Medicare Levy Act 1986

1  Subsection 3(1)

Insert:

phase-in limit means:

                     (a)  for a person who is entitled to a rebate under section 160AAAA of the Assessment Act—$21,621; or

                     (b)  for a person who is entitled to a rebate under section 160AAA of the Assessment Act—$17,264; or

                     (c)  in any other case—$14,926.

2  Subsection 3(1)

Insert:

threshold amount means:

                     (a)  for a person who is entitled to a rebate under section 160AAAA of the Assessment Act—$20,000; or

                     (b)  for a person who is entitled to a rebate under section 160AAA of the Assessment Act—$15,970; or

                     (c)  in any other case—$13,807.

3  Subsection 7(1)

Omit “$13,807”, substitute “the threshold amount”.

4  Subsection 7(2)

Omit “$13,807”, substitute “the threshold amount”.

5  Subsection 7(2)

Omit “$14,926”, substitute “the phase-in limit”.

6  At the end of section 8

Add:

             (7)  Subsections (5) and (6) apply in relation to a person who is entitled for the year of income to a rebate under section 160AAAA of the Assessment Act as if each reference to $23,299 were a reference to $3 1,7 29.

7  At the end of section 10

Add:

             (2)  For the purposes of working out the amount of levy that would be payable by the beneficiary, any rebate that the trustee is entitled to under section 160AAAB of the Assessment Act is taken to be a rebate that the beneficiary is entitled to under section 160AAAA of that Act.

8  Application

The amendments made by this Schedule apply to assessments for the 2000-2001 year of income and later years of income.