A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999

S 6 substituted by No 28 of 2012, s 3 and Sch 1 item 7, applicable to the 2012-13 year of income and later years of income. S 6 formerly read:

SECTION 6 WHAT IS THE FAMILY SURCHARGE THRESHOLD ?  
6(1)
The family surcharge threshold for a person for a year of income is an amount equal to double the singles surcharge threshold for the year of income.

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History

S 6(1) amended by No 110 of 2008 , s 3 and Sch 1 item 3, by substituting " an amount equal to double the singles surcharge threshold for the year of income " for " $100,000 " , 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) .

6(2)
However, if the person has 2 or more dependants who are children, the family surcharge threshold for the person for the year of income is the sum of:

(a) an amount equal to double the singles surcharge threshold for the year of income; and

(b) the result of the following formula:

$1,500 × (Number of dependants who are children − 1)

Example:

If a person has 3 dependants who are children, the family surcharge threshold for the 2008-09 year of income is:

$140,000 + ($1,500 × 2 ) = $143,000

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History

S 6(2) substituted by No 110 of 2008 , s 3 and Sch 1 item 4, 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) . S 6(2) formerly read:

6(2)
However, if the person has 2 or more dependants who are children, the family surcharge threshold for the person for the year of income is the amount worked out using the formula:

$100,000 + ($1,500 × (Number of dependants who are children − 1))

Example:

If a person has 3 dependants who are children, the family surcharge threshold is:

$100,000 + ($1,500 × (3 − 1)) = $103,000