Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
Raises the Medicare levy low income exemption thresholds for individuals, married couples and sole parents. Persons with a taxable income or family income below the low income exemption thresholds are not required to pay the levy. The exemption is shaded out gradually.
Date of effect: 1 July 1997
Proposal announced: 1997-98 Budget, 13 May 1997
Financial impact: The estimated cost of raising the low ncomethresholds will be $3 million in 1997-98; $35 million in 1998-99; and $18 million in 1999-00 and 2000-01.
Compliance cost impact: There is no additional complance cost for taxpayers.
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