Commonwealth: Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2015 (Cth)

Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2015 No. 69, 2015 An Act to amend the law relating to taxation, and for related purposes Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Medicare levy and Medicare levy surcharge income thresholds A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 Medicare Levy Act 1986 Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2015 No. 69, 2015 An Act to amend the law relating to taxation, and for related purposes [Assented to 25 June 2015] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2015. 2 Commencement This Act commences on the day this Act receives the Royal Assent. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Medicare levy and Medicare levy surcharge income thresholds A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 1 Paragraphs 15(1)(c) and 16(2)(c) Omit "$20,542", substitute "$20,896". Medicare Levy Act 1986 2 Subsection 3(1) (paragraph (a) of the definition of phase‑in limit) Omit "$37,975", substitute "$41,305". 3 Subsection 3(1) (paragraph (c) of the definition of phase‑in limit) Omit "$24,167", substitute "$26,120". 4 Subsection 3(1) (paragraph (a) of the definition of threshold amount) Omit "$32,279", substitute "$33,044". 5 Subsection 3(1) (paragraph (c) of the definition of threshold amount) Omit "$20,542", substitute "$20,896". 6 Subsection 8(5) (definition of family income threshold) Omit "$34,367", substitute "$35,261". 7 Subsection 8(5) (definition of family income threshold) Omit "$3,156", substitute "$3,238". 8 Subsections 8(6) and (7) Omit "$34,367", substitute "$35,261". 9 Paragraph 8D(3)(c) Omit "$20,542", substitute "$20,896". 10 Subparagraph 8D(4)(a)(ii) Omit "$20,542", substitute "$20,896". 11 Paragraph 8G(2)(c) Omit "$20,542", substitute "$20,896". 12 Subparagraph 8G(3)(a)(ii) Omit "$20,542", substitute "$20,896". 13 Application of amendments The amendments made by this Schedule apply to assessments for the 2014‑15 year of income and later years of income. [Minister's second reading speech made in— House of Representatives on 27 May 2015 Senate on 15 June 2015] (59/15)