Title Carbon Pollution Reduction Scheme Amendment (Household Assistance) Bill 2009 [No. 2]
Database Bills & Legislation
Long Title a Bill for an Act to amend the law relating to social security, family assistance, veterans’ affairs, military rehabilitation and compensation and taxation, and for related purposes
Date 17-11-2009 12:57 PM
Source House of Reps
Parl No. 42
Bill Number 198/09
Bill Type Government
Portfolio Families, Housing, Community Services and Indigenous Affairs
Reps Bill Code M
Status Before Senate
System Id legislation/bills/r4223_first/0006


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.