The Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2016 received Royal Assent on Wed 4.5.2016 as Act No 39 of 2016. The Bill had passed all stages without amendment.
[APH website]
This Act amends [EM para 1.6]:
- subsections 3(1) and 8(5) to 8(7) of the Medicare Levy Act 1986 to increase the threshold amounts and phase-in limits for individuals, families and individual taxpayers and families eligible for the SAPTO;
- paragraphs 8D(3)(c) and 8G(2)(c) and subparagraphs 8D(4)(a)(ii) and 8G(3)(a)(ii) of the Medicare Levy Act 1986 to raise the threshold below which a family member is not required to pay the surcharge on taxable income; and
- paragraphs 15(1)(c) and 16(2)(c) of the A New Tax System (Medicare Levy Surcharge – Fringe Benefits) Act 1999 to raise the threshold below which a family member is not required to pay the surcharge on reportable fringe benefits.
DATE OF EFFECT: applies to the 2015-16 income year and later income years.
[LTN 84, 4/5/16]