10 May 12 Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 introduced
On 10 May 2012, Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.
The Bill amends the Medicare Levy Act 1986 to:
- increase the Medicare levy low-income thresholds for individuals and families. The dependent child/student component of the family threshold will also be increased. These increases are in line with movements in the consumer price index; and
- 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.
The Bill 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.
The Bill amends the Clean Energy (Tax Laws Amendments) Act 2011 to reflect minor consequential amendments.
The increased Medicare levy and Medicare levy surcharge low-income thresholds apply for the 2011-12 income year.