Second Reading Speech
Mr Brough (Longman-Minister for Revenue and Assistant Treasurer)
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 not to have to pay the Medicare levy or surcharge.
The bill will also increase the Medicare levy low-income threshold for pensioners below age pension age to ensure that where these pensioners do not have a tax liability they will also not have a Medicare levy liability.
The amendments will apply to the 2004-05 year of income and later years of income.
Full details of the measures in this bill are contained in the explanatory memorandum.
I commend this bill and present the explanatory memorandum.
Debate (on motion by Mr Rudd ) adjourned.