TAX LAWS AMENDMENT (MEDICARE LEVY AND MEDICARE LEVY SURCHARGE) BILL 2008Posted May 27, 2008
TAX LAWS AMENDMENT (MEDICARE LEVY AND MEDICARE LEVY SURCHARGE) BILL 2008
Mr BOWEN (Prospect—Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer) (6.56 p.m.)—I move:
That this bill be now read a second time.
This bill will increase the Medicare levy low-income thresholds for individuals and families in line with increases in the consumer price index. The low-income threshold in the Medicare levy surcharge provisions will similarly be increased. These changes will ensure that low-income individuals and families will continue to be exempt from the Medicare levy or surcharge.
The bill will also increase the Medicare levy threshold for pensioners below age pension age to ensure that where these pensioners do not have an income tax liability, they will also not have a Medicare levy liability.
The amendments will apply to the 2007-08 year of income and later income years.
Full details of the measures in this bill are contained in the explanatory memorandum.
I commend this bill to the House.
Debate (on motion by Mr Hartsuyker) adjourned.
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