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Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill 2008

Schedule 1 Singles and families income thresholds

Part 1 Amendments

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

1  Subsection 6(1)

Omit “$100,000”, substitute “$150,000”.

2  Subsection 6(2)

Repeal the subsection, substitute:

             (2)  However, if the person has 2 or more dependants who are children, the family surcharge threshold for the person for the year of income is the amount worked out using the formula:

Example:    If a person has 3 dependants who are children, the family surcharge threshold is:

3  Paragraph 12(1)(a)

Omit “$50,000”, substitute “$100,000”.

Medicare Levy Act 1986

4  Section 3A

Repeal the section, substitute:

3A   Meaning of family surcharge threshold

                   In sections 8C, 8D, 8F and 8G:

family surcharge threshold for a year of income is:

                     (a)  $150,000; or

                     (b)  if a person has 2 or more dependants who are children—the amount worked out as follows:

Example:    If a person has 3 dependants who are children, the family surcharge threshold under paragraph (b) is:

5  Subsection 8B(2)

Omit “$50,000”, substitute “$100,000”.

6  Subsection 8E(2)

Omit “$50,000”, substitute “$100,000”.



 

Part 2 Application

7  Application

The amendments made by this Schedule apply to assessments for the 2008-09 year of income and later years of income.