Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John, Dawkins, M.P.)General Outline and Financial Impact
Medicare Levy Low Income Thresholds
Changes to the Threshold Levels ( Medicare Levy Act 1986 )
The Medicare Levy Amendment Bill 1992 will amend the Medicare Levy Act 1986 to vary the taxable income levels below which persons are exempt from the levy as from 1 July 1992; the new levels compare with the old as follows:
| 1991-92 | 1992-93 | |
| Individuals | $11,745 | $11,887 |
| Married couples and sole parents | $19,674 | $20,070 |
1 July 1992
1992-93 Budget.
The increase in the low income thresholds is estimated to cost nil in 1992-93, $12 million in 1993-94 and $6 million in 1994-95.
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