Document ID: chunk:federal_register_of_legislation:C2012A00026:clause:1_3:p1
Version: federal_register_of_legislation:C2012A00026
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/2)
Character Range: 18056–20866

3                                       tier 3 earner                                his or her *singles tier 3 threshold                                                                               not applicable.

22‑35  Private health insurance singles thresholds
 (1) A person's singles tier 1 threshold for the 2008‑09 financial year is $70,000. This amount is indexed annually.
 (2) A person's singles tier 2 threshold for the 2010‑11 financial year is $90,000. This amount is indexed annually.
 (3) A person's singles tier 3 threshold for the 2010‑11 financial year is $120,000. This amount is indexed annually.
Note 1: A person may be a tier 1 earner, tier 2 earner or tier 3 earner if his or her income for surcharge purposes exceeds the applicable threshold for that tier: see section 22‑30.
Note 2: Section 22‑45 shows how to index amounts.

22‑40  Private health insurance family thresholds
 (1) A person's family tier 1 threshold for a financial year is an amount equal to double his or her *singles tier 1 threshold for the financial year.
 (2) A person's family tier 2 threshold for a financial year is an amount equal to double his or her *singles tier 2 threshold for the financial year.
 (3) A person's family tier 3 threshold for a financial year is an amount equal to double his or her *singles tier 3 threshold for the financial year.
 (4) However, if the person has 2 or more dependants (within the meaning of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999) who are children, increase his or her family tier 1 threshold, family tier 2 threshold and family tier 3 threshold for the financial year by the result of the following formula:
Example: If the person has 3 such dependants who are children, his or her family tier 2 threshold for the 2010‑11 financial year is:
Note: A person may be a tier 1 earner, tier 2 earner or tier 3 earner if his or her income for surcharge purposes exceeds the applicable threshold for that tier: see section 22‑30.

22‑45  Indexation
 (1) This section applies in relation to an amount mentioned in section 22‑35 (Private health insurance singles thresholds).

Indexing amounts
 (2) Index the amount by:
 (a) firstly:
 (i) if the amount is mentioned in subsection 22‑35(1) (singles tier 1 threshold)—multiplying the amount for the 2008‑2009 financial year by its *indexation factor mentioned in subsection (4); or
 (ii) if the amount is mentioned in subsection 22‑35(2) or (3) (singles tier 2 threshold or singles tier 3 threshold)—multiplying the amount for the 2010‑2011 financial year by its indexation factor mentioned in subsection (5); and
 (b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000.
Example 1: If the amount to be indexed is $90,000 and the indexation factor increases this to