Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2015
(69 of 2015)
An Act to amend the law relating to taxation, and for related purposes
[Assented to 25 June 2015]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge)Act 2015.
2 Commencement
This Act commences on the day this Act receives the Royal Assent.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1 Medicare levy and Medicare levy surcharge income thresholds
A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999
1 Paragraphs 15(1)(c) and 16(2)(c)
Omit "$20,542", substitute "$20,896".
Medicare Levy Act 1986
2 Subsection 3(1) (paragraph (a) of the definition of phase-in limit)
Omit "$37,975", substitute "$41,305".
3 Subsection 3(1) (paragraph (c) of the definition of phase-in limit)
Omit "$24,167", substitute "$26,120".
4 Subsection 3(1) (paragraph (a) of the definition of threshold amount)
Omit "$32,279", substitute "$33,044".
5 Subsection 3(1) (paragraph (c) of the definition of threshold amount)
Omit "$20,542", substitute "$20,896".
6 Subsection 8(5) (definition of family income threshold)
Omit "$34,367", substitute "$35,261".
7 Subsection 8(5) (definition of family income threshold)
Omit "$3,156", substitute "$3,238".
8 Subsections 8(6) and (7)
Omit "$34,367", substitute "$35,261".
9 Paragraph 8D(3)(c)
Omit "$20,542", substitute "$20,896".
10 Subparagraph 8D(4)(a)(ii)
Omit "$20,542", substitute "$20,896".
11 Paragraph 8G(2)(c)
Omit "$20,542", substitute "$20,896".
12 Subparagraph 8G(3)(a)(ii)
Omit "$20,542", substitute "$20,896".
13 Application of amendments
The amendments made by this Schedule apply to assessments for the 2014-15 year of income and later years of income.