Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John, Dawkins, M.P.)Clauses involved in the proposed amendments
Subclause 1(1): cites the amending Act as the Medicare Levy Amendment Act 1992.
Subclause 1(2): facilitates references to the Medicare Levy Act 1986 which it refers to as the "Principal Act".
Clause 2: provides for the amending Act to commence on the day on which it receives Royal Assent.
Clause 3: amends section 7 of the Principal Act by:
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- omitting "$11,745" from subsections (1) and (2) and substituting "$11,887"; and
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- omitting "$12,528" from subsection (2) and substituting "$12,680".
Clause 4: amends section 8 of the Principal Act by:
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- omitting "$19,674" from subsections (5) and (6) and substituting "$20,070".
Clause 5: provides that amendments to sections 7 and 8 of the Principal Act will apply for the financial years commencing on or after 1 July 1992.
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