Medicare Levy Act 1986

S 3AA repealed by No 27 of 2012, s 3 and Sch 1 item 6, applicable to the 2012-13 year of income and later years of income. S 3AA formerly read:

SECTION 3AA MEANING OF SINGLES SURCHARGE THRESHOLD  
3AA(1) [ Amount]  

The singles surcharge threshold for a person for the 2008-09 year of income is $70,000. This amount is indexed annually.

Indexation of singles surcharge threshold

3AA(2)
The amount of the singles surcharge threshold is indexed annually by:

(a) multiplying the singles surcharge threshold for the 2008-09 year of income by its indexation factor; and

(b) rounding the result in paragraph (a) down to the nearest multiple of $1,000.

3AA(3) [ Factor 1 or less]  

The singles surcharge threshold is not indexed if its indexation factor is 1 or less.

3AA(4) [ Formula]  

The indexation factor is:

Index number mentioned in subsection (6) for the quarter ending on 31 December just before the start of the relevant financial year Index number mentioned in subsection (6) for the quarter ending on 31 December 2007

3AA(5) [ Decimal places and rounding]  

The indexation factor mentioned in subsection (4) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

3AA(6) [ Index number]  

The index number for a quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician for that month.

S 3AA inserted by No 110 of 2008 , s 3 and Sch 1 item 7, applicable to assessments for the 2008-09 year of income and later years of income. For transitional provision, see note under definition of " singles surcharge threshold " in s 3(1).