Introduced to Lower House
The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 was introduced into the House of Reps on Thur 10.5.2012. It proposes to implement the 2012-13 Budget announcement to increase the Medicare levy thresholds from the 2011-12 income year. Specifically, the Bill proposes to amend:
- the Medicare Levy Act 1986to:
- 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 CPI; 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; and
- 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 CPI; and
- the Clean Energy (Tax Laws Amendments) Act 2011 to reflect minor consequential amendments.
DATE OF EFFECT: The increased Medicare levy and Medicare levy surcharge low-income thresholds apply for the 2011-12 income year.
[LTN 89, 10/5]
Passed Lower House
Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 – passed the Lower House on 22.5.12. This Bill proposes to increase the Medicare levy low-income thresholds for individuals and families for the 2011-12 income year, as announced in the 2012-13 Federal Budget.
[LTN 98, 23/5]