29 Jun 11
Medicare Levy and Medicare Levy Surcharge amendments now law
The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2011 received the Royal Assent on 27 June 2011 and is Act No 44 of 2011.
- 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
- 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.