2004-2005 The Parliament of the Commonwealth of Australia HOUSE OF REPRESENTATIVES Presented and read a first time Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005 (Treasury) A Bill for an Act to amend the law relating to taxation, and for related purposes [Page Break] 1 Short title.......................................................................................1 2 Commencement .............................................................................1 3 Schedule(s)....................................................................................1 4 Amendment of assessments............................................................2 Schedule 1--Medicare levy and Medicare levy surcharge low income thresholds 3 A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 3 Medicare Levy Act 1986 3 i Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005 [Page Break] 2 taxation, and for related purposes 3 The Parliament of Australia enacts: 4 1 Short title 5 This Act may be cited as the Tax Laws Amendment (Medicare Levy 6 and Medicare Levy Surcharge) Act 2005. 7 2 Commencement 8 This Act commences on the day on which it receives the Royal 9 Assent. 10 3 Schedule(s) 11 Each Act that is specified in a Schedule to this Act is amended or 12 repealed as set out in the applicable items in the Schedule Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005 1 [Page Break] 2 according to its terms. 3 4 Amendment of assessments 4 Section 170 of the Income Tax Assessment Act 1936 does not 5 prevent the amendment of an assessment made before the 6 commencement of this section for the purposes of giving effect to 7 this Act. 2 Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005 [Page Break] 1 2 Schedule 1--Medicare levy and Medicare levy 3 surcharge low income thresholds 4 5 A New Tax System (Medicare Levy Surcharge--Fringe 6 Benefits) Act 1999 7 1 Paragraphs 15(1)(c) and 16(2)(c) 8 Omit "$15,529", substitute "$15,902". 9 Medicare Levy Act 1986 10 2 Subsection 3(1) (paragraph (b) of the definition of phase-in 11 limit) 12 Omit "$19,611", substitute "$20,812". 13 3 Subsection 3(1) (paragraph (c) of the definition of phase-in 14 limit) 15 Omit "$16,788", substitute "$17,191". 16 4 Subsection 3(1) (paragraph (b) of the definition of threshold 17 amount) 18 Omit "$18,141", substitute "$19,252". 19 5 Subsection 3(1) (paragraph (c) of the definition of threshold 20 amount) 21 Omit "$15,529", substitute "$15,902". 22 6 Subsection 8(5) (definition of family income threshold) 23 Omit "$26,205", substitute "$26,834". 24 7 Subsection 8(5) (definition of family income threshold) 25 Omit "$2,406", substitute "$2,464". 26 8 Subsections 8(6) and (7) 27 Omit "$26,205", substitute "$26,834". Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005 3 [Page Break] 1 9 Paragraph 8D(3)(c) 2 Omit "$15,529", substitute "$15,902". 3 10 Subparagraph 8D(4)(a)(ii) 4 Omit "$15,529", substitute "$15,902". 5 11 Paragraph 8G(2)(c) 6 Omit "$15,529", substitute "$15,902". 7 12 Subparagraph 8G(3)(a)(ii) 8 Omit "$15,529", substitute "$15,902". 9 13 Application of amendments 10 The amendments made by this Schedule apply to assessments for the 11 2004-2005 year of income and later years of income. 4 Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2005 No. , 2005