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Tax Laws Amendment (2008 Measures No. 2) Bill 2008

Schedule 5 Early completion bonuses for apprentices

   

Income Tax Assessment Act 1997

1  Section 11-15 (table item headed “education and training”)

After:

CRAFT scheme, employer’s income from........................

51-10

insert:

early completion bonuses for apprentices.........................

51-10 and 51-42

2  Section 51-10 (at the end of the table)

Add:

2.6

a recipient of a bonus for early completion of an apprenticeship

so much of the bonus as does not exceed $1,000

see section 51-42

3  After section 51-40

Insert:

51-42   Bonuses for early completion of an apprenticeship

             (1)  The bonus must be provided under a scheme provided by a State or Territory, and the scheme must be specified in the regulations for the purposes of this section.

             (2)  The apprenticeship:

                     (a)  must be for an occupation of a kind specified in the regulations; and

                     (b)  must be completed within a time frame specified in the regulations for apprenticeships of that kind.

4  Application

The amendments made by this Schedule apply to assessments for the 2007-08 income year and later income years.