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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Taxation Laws
Amendment (Changes for Senior Australians) Bill
2001
No. ,
2001
(Treasury)
A Bill
for an Act to amend the law relating to taxation, and for related
purposes
ISBN: 0642 457832
Contents
Income Tax Assessment Act
1936 3
Medicare Levy Act
1986 6
Income Tax Assessment Act
1997 8
A Bill for an Act to amend the law relating to taxation,
and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Taxation Laws Amendment (Changes for
Senior Australians) Act 2001.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
Income Tax Assessment Act
1936
1 Subsection 160AAAA(2)
Repeal the subsection, substitute:
(2) The first condition is that, on at least one day during the year of
income, either:
(a) the taxpayer:
(i) is in receipt of a pension, allowance or benefit under the
Veterans’ Entitlements Act 1986 (other than Part VII);
and
(i) has reached pension age, within the meaning of the
Veterans’ Entitlements Act 1986; or
(b) the taxpayer:
(i) has reached pension age, within the meaning of the
Social Security Act 1991; and
(ii) has 10 years qualifying Australian residence or has a
qualifying residence exemption for an age pension, within the
meaning of the Social Security Act 1991; and
(iii) is not in gaol.
2 Subsection 160AAAA(3)
Repeal the subsection, substitute:
(3) The second condition is that the taxpayer has a taxable income for the
year of income less than an amount ascertained in accordance with the
regulations.
3 Subsection 160AAAA(4)
Omit “paragraph (3)(a)”, substitute
“subsection (3)”.
4 Subsection 160AAAB(2)
Repeal the subsection, substitute:
(2) The first condition is that, on at least one day during the year of
income, either:
(a) the beneficiary:
(i) is in receipt of a pension, allowance or benefit under the
Veterans’ Entitlements Act 1986 (other than Part VII);
and
(i) has reached pension age, within the meaning of the
Veterans’ Entitlements Act 1986; or
(b) the beneficiary:
(i) has reached pension age, within the meaning of the
Social Security Act 1991; and
(ii) has 10 years qualifying Australian residence or has a
qualifying residence exemption for an age pension, within the
meaning of the Social Security Act 1991; and
(iii) is not in gaol.
5 Subsection 160AAAB(3)
Repeal the subsection, substitute:
(3) The second condition is that the beneficiary has a taxable income for
the year of income less than an amount ascertained in accordance with the
regulations.
6 Subsection 160AAAB(4)
Omit “paragraph (3)(a)”, substitute
“subsection (3)”.
7 Subsection 160AAAB(5)
Omit “paragraph (3)(a)”, substitute
“subsection (3)”.
8 Subsection 160AAA(2)
Omit “subsection (4)”, substitute
“subsections (4) and (4A)”.
9 Subsection 160AAA(3)
Omit “subsection (4)”, substitute
“subsections (4) and (4A)”.
10 After subsection
160AAA(4)
Insert:
(4A) A taxpayer is not entitled to a rebate under this section for a year
of income if:
(a) the taxpayer is entitled to a rebate of tax for the year of income
under section 160AAAA; or
(b) the taxpayer is the beneficiary of a trust where the trustee of the
trust is entitled to a rebate of tax for the year of income under
section 160AAAB in respect of the taxpayer.
11 Application
The amendments made by this Schedule apply to assessments for the 2000-2001
year of income and later years of income.
12
Transitional—regulations
(1) Regulations made under subsection 160AAAA(3) of the Income Tax
Assessment Act 1936 that are in force immediately before the commencement of
this item are taken, from that time, to have been made under that subsection as
amended by this Act.
(2) Regulations made under subsection 160AAAB(3) of the Income Tax
Assessment Act 1936 that are in force immediately before the commencement of
this item are taken, from that time, to have been made under that subsection as
amended by this Act.
1 Subsection 3(1)
Insert:
phase-in limit means:
(a) for a person who is entitled to a rebate under section 160AAAA of
the Assessment Act—$21,621; or
(b) for a person who is entitled to a rebate under section 160AAA of
the Assessment Act—$17,264; or
(c) in any other case—$14,926.
2 Subsection 3(1)
Insert:
threshold amount means:
(a) for a person who is entitled to a rebate under section 160AAAA of
the Assessment Act—$20,000; or
(b) for a person who is entitled to a rebate under section 160AAA of
the Assessment Act—$15,970; or
(c) in any other case—$13,807.
3 Subsection 7(1)
Omit “$13,807”, substitute “the threshold
amount”.
4 Subsection 7(2)
Omit “$13,807”, substitute “the threshold
amount”.
5 Subsection 7(2)
Omit “$14,926”, substitute “the phase-in
limit”.
6 At the end of
section 8
Add:
(7) Subsections (5) and (6) apply in relation to a person who is
entitled for the year of income to a rebate under section 160AAAA of the
Assessment Act as if each reference to $23,299 were a reference to
$31,729.
Add:
(2) For the purposes of working out the amount of levy that would be
payable by the beneficiary, any rebate that the trustee is entitled to under
section 160AAAB of the Assessment Act is taken to be a rebate that the
beneficiary is entitled to under section 160AAAA of that Act.
8 Application
The amendments made by this Schedule apply to assessments for the 2000-2001
year of income and later years of income.
Income Tax Assessment Act
1997
1 Before subsection
52-10(2)
Insert:
(1C) Payments made by the Commonwealth and known as the one-off payment to
the aged are exempt from income tax.
2 Application
The amendment made by this Schedule applies to assessments for the
2000-2001 year of income and later years of income.