Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Act (No. 2) 2008 (110 of 2008)

Schedule 1   Singles and families income thresholds

Part 1   Amendments

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

4   Subsection 6(2)

Repeal the subsection, substitute:

(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:

Family surcharge threshold factor formula
          

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

Family surcharge threshold factor example