Commonwealth Numbered Acts

A NEW TAX SYSTEM (INCOME TAX LAWS AMENDMENT) ACT 1999 NO. 60, 1999 - SCHEDULE 3--Increase

Income Tax Regulations

1 Regulation 150AA (definition of rebate amount )

Omit "subregulation 150AB(2)", substitute "subregulations 150AB(2) and (2A)".

2 Subregulation 150AB(1) (definition of rebate amount )

Omit "subregulation (2)", substitute "subregulations (2) and (2A)".

3 After subregulation 150AB(2)

Insert:

(2A) For this regulation, a taxpayer's rebate amount for the 2000-2001 year of income or a later year of income is increased:

(a) by $250 if, for at least one day during that income year, he or she would be treated as not being a member of a couple for the purposes of applying column 2 of item 1 of Table B in point 1064-B1 of SSA91; or

(b) by $175 in any other case.

Omit "subregulation (2)", substitute "subregulations (2) and (2A)".

5 Subregulation 151(2) (definition of Taxpayer's rebate amount )

Omit "subregulation (3)", substitute "subregulations (3) and (3A)".

6 After subregulation 151(3)

Insert:

(3A) Subject to subregulation (5), for the purposes of this regulation, the Taxpayer's rebate amount for the 2000-2001 year of income or a later year of income is increased:

(a) by $250 if the taxpayer has received a single-rate pension; or

(b) by $175 in any other case.

Omit "subregulation (3)", substitute "subregulations (3) and (3A)".

8 Amendment or repeal of Income Tax Regulations

The amendment of the Income Tax Regulations by this Schedule does not prevent the amendment or repeal, by regulations, of the Income Tax Regulations as amended by this Schedule.

[ Minister's second reading speech made in--

House of Representatives on 2 December 1998

Senate on 10 December 1998 ]

(223/98)