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A NEW TAX SYSTEM (FAMILY ASSISTANCE) (CONSEQUENTIAL AND RELATED MEASURES) ACT (NO. 1) 1999 - SCHEDULE 9

- Fringe benefits and youth allowance

Social Security Act 1991

1 Subsection 10A(2)

Omit "Module F of the Youth Allowance Rate Calculator in section 1067G,".

Note: The heading to section 10A is replaced by the heading "Definitions for Seniors Health Card provisions".

2 Paragraph 1067G-F10(b)

Omit "value", substitute "total".

3 Point 1067G-F10 (notes 3 and 4)

Repeal the notes, substitute:

Note 3: For adjusted fringe benefits total see subpoint 1067G-F11(2).

Note 4: For target foreign income see subpoint 1067G-F11(3).

4 Subpoints 1067G-F11(2) and (3)

Repeal the subpoints, substitute:

1067G-F11(2) A parent's adjusted fringe benefits total for a tax year is the amount worked out using the formula:

where:

FBT rate is the rate of tax set by the Fringe Benefits Tax Act 1986 for the FBT year (as defined in the Fringe Benefits Tax Assessment Act 1986 ) beginning on the 1 April just before the start of the tax year.

reportable fringe benefits total is the amount that the Secretary is satisfied is the parent's reportable fringe benefits total (as defined in the Fringe Benefits Tax Assessment Act 1986 ) for the year of income that is the tax year.

1067G-F11(3) A parent's target foreign income for a tax year is the accepted estimate of the amount of the parent's foreign income (as defined in section 10A) for the tax year that is not:

(a)
taxable income; or
(b)
received in the form of a fringe benefit (as defined in the Fringe Benefits Tax Assessment Act 1986 , as it applies of its own force or because of the Fringe Benefits Tax (Application to the Commonwealth) Act 1986 ) in relation to the parent as employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) and a year of tax.
5 Point 1067G-F13

After "income component" (first occurring), insert "or an amount described in subpoint 1067G-F11(3)".

6 Point 1067G-F13

After "income component" (second occurring), insert "or amount".

7 Point 1067G-F14

After "income component" (first occurring), insert "or an amount described in subpoint 1067G-F11(3)".

8 Point 1067G-F14

After "income component" (second occurring), insert "or amount".

9 Points 1067G-F16, 1067G-F17, 1067G-F18 and 1067G-F19

Repeal the points.

10 Part 3.12A (heading)

Repeal the heading, substitute:

Part 3.12A—Provisions for Seniors Health Card taxable income test 11 Subsection 1157A(1) (fourth sentence)

Repeal the sentence.

12 Subsection 1157A(1)

Omit "also".

13 Subsection 1157A(1) (note 1)

Repeal the note.

14 Subsection 1157A(1) (note 2)

Renumber as note 1.

15 Subsection 1157A(1) (note 3)

Renumber as note 2.

16 Application

The amendments made by this Schedule apply for the purposes of working out the rate of youth allowance for a youth allowance payment period that ends after the commencement of this Schedule.



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