Commonwealth: Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2016 (Cth)

Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2016 No. 39, 2016 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 2016 No. 39, 2016 An Act to amend the law relating to taxation, and for related purposes [Assented to 4 May 2016] 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 2016. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act The day this Act receives the Royal Assent. 4 May 2016 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 "$20,896", substitute "$21,335". Medicare Levy Act 1986 2 Subsection 3(1) (paragraph (a) of the definition of phase‑in limit) Omit "$41,305", substitute "$42,172". 3 Subsection 3(1) (paragraph (c) of the definition of phase‑in limit) Omit "$26,120", substitute "$26,668". 4 Subsection 3(1) (paragraph (a) of the definition of threshold amount) Omit "$33,044", substitute "$33,738". 5 Subsection 3(1) (paragraph (c) of the definition of threshold amount) Omit "$20,896", substitute "$21,335". 6 Subsection 8(5) (definition of family income threshold) Omit "$35,261", substitute "$36,001". 7 Subsection 8(5) (definition of family income threshold) Omit "$3,238", substitute "$3,306". 8 Subsections 8(6) and (7) Omit "$35,261", substitute "$36,001". 9 Subsection 8(7) Omit "$46,000", substitute "$46,966". 10 Paragraph 8D(3)(c) Omit "$20,896", substitute "$21,335". 11 Subparagraph 8D(4)(a)(ii) Omit "$20,896", substitute "$21,335". 12 Paragraph 8G(2)(c) Omit "$20,896", substitute "$21,335". 13 Subparagraph 8G(3)(a)(ii) Omit "$20,896", substitute "$21,335". 14 Application of amendments The amendments made by this Schedule apply to assessments for the 2015‑16 year of income and later years of income. [Minister's second reading speech made in— House of Representatives on 2 May 2016 Senate on 2 May 2016] (67/16)