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Taxation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2002
Schedule 1 Increases in thresholds

   

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

1  Paragraph 15(1)(c)

Omit “$13,807”, substitute “$14,539”.

2  Paragraph 16(2)(c)

Omit “$13,807”, substitute “$14,539”.

Medicare Levy Act 1986

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

Omit “$17,264”, substitute “$17,913”.

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

Omit “$14,926”, substitute “$15,717”.

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

Omit “$15,970”, substitute “$16,570”.

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

Omit “$13,807”, substitute “$14,539”.

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

Omit “$23,299”, substitute “$24,534”.

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

Omit “$2,140”, substitute “$2,253”.

9  Subsection 8(6)

Omit “$23,299”, substitute “$24,534”.

10  Subsection 8(7)

Omit “$23,299”, substitute “$24,534”.

11  Paragraph 8D(3)(c)

Omit “$13,807”, substitute “$14,539”.

12  Subparagraph 8D(4)(a)(ii)

Omit “$13,807”, substitute “$14,539”.

13  Paragraph 8G(2)(c)

Omit “$13,807”, substitute “$14,539”.

14  Subparagraph 8G(3)(a)(ii)

Omit “$13,807”, substitute “$14,539”.

15  Application of amendments

The amendments made by this Schedule apply to assessments for the 2001-2002 year of income and later years of income.