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14 May 13 Increase in the Medicare levy – DisabilityCare Australia

On 1 May 2013, the Government announced that it would increase the Medicare levy by half a percentage point from 1 July 2014 and that the revenue from this increase would be directed to a new fund, the DisabilityCare Australia Fund.

From 1 July 2014, the Medicare levy will increase from 1.5% to 2% of taxable income.  A number of other tax rates that are linked to the Medicare levy will also increase.

On 13 May 2013, Treasury released Exposure draft legislation and explanatory material which would implement the announced changes. There was no consultation period.

On 15 May 2013, the following Bills were introduced into the House of Representatives:

According to the Explanatory Memorandum to all Bills, Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Bill 2013 amends the Medicare Levy Act 1986 to increase the Medicare levy rate from 1.5% to 2% of taxable income for the 2014-15 income year and later income years. The other Bills incorporate this rate change into other Acts.

All Bills were passed by the House without amendment on 15 May 2013.

All Bills were passed by the Senate without amendment on 16 May 2013.

All Bills now await Royal Assent.


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