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21 Jun 12 Medicare Levy and Medicare Levy Surcharge Bill awaits Royal Assent

On 20 June 2012, the Senate passed Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 without amendment.

The Bill amends the A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999 and Medicare Levy Act 1986 to increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and pensioners below pension age; and to increase the phase-in limits as a result of the increased threshold amounts. It also makes consequential amendments to the Clean Energy (Tax Laws Amendments) Act 2011.

The Bill now awaits Royal Assent.

 


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