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Carbon Pollution Reduction Scheme Amendment (Household Assistance) Bill 2009 [No. 2]

Schedule 5 Assistance under the tax law

Part 1 Amendments relating to the 2011-12 year of income

Income Tax Assessment Act 1936

1  Subsection 159HA(1)

Omit “Sections”, substitute “Subject to subsection (1A), sections”.

2  After subsection 159HA(1)

Insert:

          (1A)  Increase the amount worked out under the formula by $60 if:

                     (a)  the indexing year of income is the 2011-12 year of income; and

                     (b)  the indexable amount being replaced is specified in paragraph (a) or (b) of the definition of indexable amount in subsection (7).

3  Subsection 159N(1)

Omit “$67,500”, substitute “$71,250”.

4  Subsection 159N(2)

Omit “$1,500”, substitute “$1,650”.

Medicare Levy Act 1986

5  Subsection 3(1) (paragraph (a) of the definition of phase-in limit )

Omit “$36,100”, substitute “$37,028”.

6  Subsection 3(1) (paragraph (a) of the definition of threshold amount )

Omit “$30,685”, substitute “$31,474”.

7  Subsection 8(7)

Omit “$44,500”, substitute “$45,000”.

8  Application

The amendments made by this Part apply to assessments for:

                     (a)  the 2011-12 year of income; and

                     (b)  later years of income.



 

Part 2 Amendments relating to the 2012-13 and later years of income

Income Tax Assessment Act 1936

9  Subsection 159HA(1)

Omit “subsection (1A)”, substitute “subsections (1A) and (1B)”.

10  After subsection 159HA(1A)

Insert:

          (1B)  Increase the amount worked out under the formula by $105 if:

                     (a)  the indexing year of income is the 2012-13 year of income; and

                     (b)  the indexable amount being replaced is specified in paragraph (a) or (b) of the definition of indexable amount in subsection (7).

11  Subsection 159N(1)

Omit “$71,250”, substitute “$78,250”.

12  Subsection 159N(2)

Omit “$1,650”, substitute “$1,930”.

Medicare Levy Act 1986

13  Subsection 3(1) (paragraph (a) of the definition of phase-in limit )

Omit “$37,028”, substitute “$38,762”.

14  Subsection 3(1) (paragraph (a) of the definition of threshold amount )

Omit “$31,474”, substitute “$32,948”.

15  Subsection 8(7)

Omit “$45,000”, substitute “$46,500”.

16  Application

The amendments made by this Part apply to assessments for:

                     (a)  the 2012-13 year of income; and

                     (b)  later years of income.