Medicare Levy Amendment (CPI Indexation) Act 2000

No. 54, 2000

Medicare Levy Amendment (CPI Indexation) Act 2000

No. 54, 2000

An Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

Contents

1 Short title...................................

2 Commencement...............................

3 Schedule(s)..................................

Schedule 1—Indexing thresholds

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

Medicare Levy Act 1986

Medicare Levy Amendment (CPI Indexation) Act 2000

No. 54, 2000

An Act to index thresholds for Medicare levy and Medicare levy surcharge, and for related purposes

[Assented to 30 May 2000]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Medicare Levy Amendment (CPI Indexation) Act 2000.

2  Commencement

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

3  Schedule(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  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1—Indexing thresholds

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

1  Paragraphs 15(c) and 16(2)(c)

Omit “$13,389”, substitute “$13,550”.

2  Application

The amendments of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 made by this Schedule apply to assessments for the 1999‑2000 year of income and later years of income.

Medicare Levy Act 1986

3  Subsections 7(1) and (2)

Omit “$13,389”, substitute “$13,550”.

4  Subsection 7(2)

Omit “$14,474”, substitute “$14,648”.

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

Omit “$22,594”, substitute “$22,865”.

6  Subsection 8(6)

Omit “$22,594”, substitute “$22,865”.

7  Paragraph 8D(3)(c)

Omit “$13,389”, substitute “$13,550”.

8  Subparagraph 8D(4)(a)(ii)

Omit “$13,389”, substitute “$13,550”.

9  Subsections 8G(2) and (3)

Omit “$13,389”, substitute “$13,550”.

10  Application

The amendments of the Medicare Levy Act 1986 made by this Schedule apply to assessments for the 1999‑2000 year of income and later years of income.

[Minister’s second reading speech made in—

House of Representatives on 9 December 1999

Senate on 9 May 2000]