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Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006

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 “$15,902”, substitute “$16,284”.

Medicare Levy Act 1986

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

Omit “$20,812”, substitute “$21,170”.

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

Omit “$17,191”, substitute “$17,604”.

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

Omit “$19,252”, substitute “$19,583”.

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

Omit “$15,902”, substitute “$16,284”.

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

Omit “$26,834”, substitute “$27,478”.

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

Omit “$2,464”, substitute “$2,523”.

8  Subsections 8(6) and (7)

Omit “$26,834”, substitute “$27,478”.

9  Paragraph 8D(3)(c)

Omit “$15,902”, substitute “$16,284”.

10  Subparagraph 8D(4)(a)(ii)

Omit “$15,902”, substitute “$16,284”.

11  Paragraph 8G(2)(c)

Omit “$15,902”, substitute “$16,284”.

12  Subparagraph 8G(3)(a)(ii)

Omit “$15,902”, substitute “$16,284”.

13  Application of amendments

The amendments made by this Schedule apply to assessments for the 2005-2006 year of income and later years of income.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 25 May 2006

Senate on 14 June 2006 ]

(65/06)