The Tax Laws Amendment (Medicare Levy) Bill 2013 was introduced in the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget] to give effect to the Government’s Budget proposal to increase the Medicare levy low-income threshold for families, as well as the dependent child component of the threshold.
The Bill proposes to amend ss 8(5) to 8(7) of the Medicare Levy Act 1986 to increase the family threshold for the 2012-13 year to $33,693 from the current $32,743. It also proposes to increase the dependent child-student component of the family income threshold for the 2012-13 income year to $3,094 from the current $3,007.
DATE OF EFFECT: The increase in threshold applies to the 2012-13 income year and later income years.
[LTN 92, 15/5/13]