Commonwealth Numbered Regulations

1996 No. 320 INCOME TAX REGULATIONS (AMENDMENT) - REG 3

3.1 Subregulation 70 (1): Insert the following definitions:

"'family tax assistance benefit', in relation to an employee and a year of
income, means the sum of the amounts by which, subject to the
Income Tax Rates Act 1986, the amount of $5,400 set out in column 1 of the
Table in clause 1 of Part 1 of Schedule 7 of that Act is increased in relation
to the employee in respect of the year of income under sections 20C and 20D of
that Act, or would be increased in relation to the employee in respect of the
year of income under sections 20C and 20D of that Act if those sections
applied to the employee;
'lowest marginal rate of tax' has the same meaning as in Division 5 of Part II
of the Income Tax Rates Act 1986;
'tax value of family tax assistance benefit', in relation to an employee and a
year of income, means the family tax assistance benefit in relation to the
employee for the year of income multiplied by the lowest marginal rate of
tax.".