15 Jun 11
Medicare levy amendment Bill passes
On 15 June 2011 the Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2011 passed the Senate without amendment, and now awaits the Royal Assent.
- amends the Medicare Levy Act 1986 to increase the Medicare levy low-income thresholds for individuals and families and the dependent child/student component of the family threshold, and to increase the Medicare levy low-income threshold for pensioners below age pension age so that they do not have a Medicare levy liability where they do not have an income tax liability. These amendments apply from the 2010-2011 income year and later income years, and
- amends the A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999 to increase the Medicare levy surcharge low-income threshold in line with movements in the consumer price index.