Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2008 (Cth)

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2008

No. 50, 2008

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

Contents

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2008

No. 50, 2008

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

[Assented to 25 June 2008]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2008.

2Commencement

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

3Schedule(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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Medicare levy and Medicare levy surcharge income thresholds A New Tax System (Medicare Levy SurchargeFringe Benefits) Act 1999

1

Paragraphs 15(1)(c) and 16(2)(c)

Omit “$16,740”, substitute “$17,309”.

Medicare Levy Act 1986

1. 2

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

   Omit “$25,455”, substitute “$26,967”.

2. 3

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

   Omit “$19,694”, substitute “$20,363”.

3. 4

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

   Omit “$21,637”, substitute “$22,922”.

4. 5

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

   Omit “$16,740”, substitute “$17,309”.

5. 6

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

   Omit “$28,247”, substitute “$29,207”.

6. 7

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

   Omit “$2,594”, substitute “$2,682”.

8

Subsections 8(6) and (7)

Omit “$28,247”, substitute “$29,207”.

9

Paragraph 8D(3)(c)

Omit “$16,740”, substitute “$17,309”.

10

Subparagraph 8D(4)(a)(ii)

Omit “$16,740”, substitute “$17,309”.

11

Paragraph 8G(2)(c)

Omit “$16,740”, substitute “$17,309”.

12

Subparagraph 8G(3)(a)(ii)

Omit “$16,740”, substitute “$17,309”.

13

Application of amendments

The amendments made by this Schedule apply to assessments for the 2007‑08 year of income and later years of income.

[Minister’s second reading speech made in—

House of Representatives on 27 May 2008

Senate on 16 June 2008]

(98/08)