2004-2005-2006

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 2006
No.           , 2006
(Treasury)




A Bill for an Act to amend the law relating to
taxation, and for related purposes


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                 1        Short title ........................................................................................... 1
                 2        Commencement ................................................................................. 1
                 3        Schedule(s) ........................................................................................ 1

Schedule 1--Medicare levy and Medicare levy surcharge
            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 2006                                        No.         ,
2006


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 1

     taxation, and for related purposes
 2


     The Parliament of Australia enacts:
 3


     1 Short title
 4

                  This Act may be cited as the Tax Laws Amendment (Medicare Levy
 5
                  and Medicare Levy Surcharge) Act 2006.
 6


     2 Commencement
 7

                  This Act commences on the day on which it receives the Royal
 8
                  Assent.
 9


     3 Schedule(s)
10

                  Each Act that is specified in a Schedule to this Act is amended or
11
                  repealed as set out in the applicable items in the Schedule
12



     Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006   No.   , 2006
                                                                                           1


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1
                   according to its terms.
2




    2        Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006   No.
    , 2006


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 1

     Schedule 1--Medicare levy and Medicare levy
 2

           surcharge income thresholds
 3
 4


     A New Tax System (Medicare Levy Surcharge--Fringe
 5

             Benefits) Act 1999
 6


     1 Paragraphs 15(1)(c) and 16(2)(c)
 7

             Omit "$15,902", substitute "$16,284".
 8


     Medicare Levy Act 1986
 9


     2 Subsection 3(1) (paragraph (b) of the definition of phase-in
10
          limit)
11

             Omit "$20,812", substitute "$21,170".
12


     3 Subsection 3(1) (paragraph (c) of the definition of phase-in
13
          limit)
14

             Omit "$17,191", substitute "$17,604".
15


     4 Subsection 3(1) (paragraph (b) of the definition of threshold
16
          amount)
17

             Omit "$19,252", substitute "$19,583".
18


     5 Subsection 3(1) (paragraph (c) of the definition of threshold
19
          amount)
20

             Omit "$15,902", substitute "$16,284".
21


     6 Subsection 8(5) (definition of family income threshold)
22

             Omit "$26,834", substitute "$27,478".
23


     7 Subsection 8(5) (definition of family income threshold)
24

             Omit "$2,464", substitute "$2,523".
25


     8 Subsections 8(6) and (7)
26

             Omit "$26,834", substitute "$27,478".
27




     Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006   No.   , 2006
                                                                                           3


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     9 Paragraph 8D(3)(c)
 1

              Omit "$15,902", substitute "$16,284".
 2


     10 Subparagraph 8D(4)(a)(ii)
 3

              Omit "$15,902", substitute "$16,284".
 4


     11 Paragraph 8G(2)(c)
 5

              Omit "$15,902", substitute "$16,284".
 6


     12 Subparagraph 8G(3)(a)(ii)
 7

              Omit "$15,902", substitute "$16,284".
 8


     13 Application of amendments
 9

              The amendments made by this Schedule apply to assessments for the
10
              2005-2006 year of income and later years of income.
11




     4        Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2006   No.
     , 2006