Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004 (Cth)

Text

1 Short title [see Note 1]

2 Commencement [see Note 1]

3 Schedule(s)

4 Application of amendments

Schedule 1—Medicare levy and Medicare levy surcharge low income thresholds

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

Medicare Levy Act 1986

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004

Act No. 84 of 2004 as amended

This compilation was prepared on 13 July 2010
taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

Contents

1............ Short title [see Note 1]....................................................................... 1

2............ Commencement [see Note 1].............................................................. 1

3............ Schedule(s).......................................................................................... 1

4............ Application of amendments............................................................... 1

Schedule 1—Medicare levy and Medicare levy surcharge low income thresholds          2

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999    2

Medicare Levy Act 1986  2

Notes  5

An Act to amend the law relating to taxation, and for related purposes

1  Short title [see Note 1]

                   This Act may be cited as the Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004.

2  Commencement [see Note 1]

                   This Act commences on the day on which it receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4  Application of amendments

                   The amendments made by Schedule 1 apply to assessments for the 2003‑2004 year of income and later years of income.

Schedule 1—Medicare levy and Medicare levy surcharge low income thresholds

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

1  Paragraph 15(1)(c)

Omit “$15,062”, substitute “$15,529”.

2  Paragraph 16(2)(c)

Omit “$15,062”, substitute “$15,529”.

Medicare Levy Act 1986

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

Omit “$18,555”, substitute “$19,611”.

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

Omit “$16,283”, substitute “$16,788”.

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

Omit “$17,164”, substitute “$18,141”.

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

Omit “$15,062”, substitute “$15,529”.

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

Omit “$25,417”, substitute “$26,205”.

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

Omit “$2,334”, substitute “$2,406”.

9  Subsection 8(6)

Omit “$25,417”, substitute “$26,205”.

10  Subsection 8(7)

Omit “$25,417”, substitute “$26,205”.

11  Paragraph 8D(3)(c)

Omit “$15,062”, substitute “$15,529”.

12  Subparagraph 8D(4)(a)(ii)

Omit “$15,062”, substitute “$15,529”.

13  Paragraph 8G(2)(c)

Omit “$15,062”, substitute “$15,529”.

14  Subparagraph 8G(3)(a)(ii)

Omit “$15,062”, substitute “$15,529”.

Notes to the Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004

Note 1

The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004 as shown in this compilation comprises Act No. 84, 2004 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2004	84, 2004	25 June 2004	25 June 2004
Tax Laws Amendment (2010 Measures No. 2) Act 2010	75, 2010	28 June 2010	Schedule 6 (item 116): 29 June 2010	—

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
S. 5.......................................	rep. No. 75, 2010