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This is a Bill, not an Act. For current law, see the Acts databases.

CLEAN ENERGY (TAX LAWS AMENDMENTS) BILL 2011

2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Clean Energy (Tax Laws Amendments)
Bill 2011
No. , 2011
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
i Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
3
Schedule 1--Low-income tax offset
4
Part 1--Amendments applying from the 2012-13 year of
income
4
Income Tax Assessment Act 1936
4
Part 2--Amendments applying from the 2015-16 year of
income
5
Income Tax Assessment Act 1936
5
Schedule 2--Medicare levy and Medicare levy surcharge
6
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act
1999
6
Medicare Levy Act 1986
6
Schedule 3--Tax rebate for low income aged persons and
pensioners
8
Income Tax Assessment Act 1936
8
Income Tax Assessment Act 1997
10
Medicare Levy Act 1986
11
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Clean Energy (Tax Laws
5
Amendments) Act 2011.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1,
Part 1
The later of:
(a) the start of 1 July 2012; and
(b) the commencement of section 3 of the
Clean Energy Act 2011.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
3. Schedule 1,
Part 2
The later of:
(a) the start of 1 July 2015; and
(b) the commencement of section 3 of the
Clean Energy Act 2011.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
4. Schedule 2
The latest of:
(a) the start of 1 July 2012; and
(b) the commencement of section 3 of the
Clean Energy Act 2011; and
(c) the commencement of Part 1 of
Schedule 1 to the Clean Energy (Income
Tax Rates Amendments) Act 2011.
However, the provision(s) do not commence
at all unless both of the events mentioned in
paragraphs (b) and (c) occur.
5. Schedule 3
The later of:
(a) the start of 1 July 2012; and
(b) the commencement of section 3 of the
Clean Energy Act 2011.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 3
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Schedule 1 Low-income tax offset
Part 1 Amendments applying from the 2012-13 year of income
4 Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
Schedule 1--Low-income tax offset
1
Part 1--Amendments applying from the 2012-13 year
2
of income
3
Income Tax Assessment Act 1936
4
1 Subsection 159N(1)
5
Omit "$67,500", substitute "$66,667".
6
2 Subsection 159N(2)
7
Repeal the subsection, substitute:
8
(2) The amount of the rebate is $445, reduced by 1.5 cents for every
9
$1 of the amount (if any) by which the taxpayer's taxable income
10
of the year of income exceeds $37,000.
11
3 Application provision
12
The amendments made by this Part apply to the 2012-13 year of income
13
and later years of income.
14
15
Low-income tax offset Schedule 1
Amendments applying from the 2015-16 year of income Part 2
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 5
Part 2--Amendments applying from the 2015-16 year
1
of income
2
Income Tax Assessment Act 1936
3
4 Subsection 159N(1)
4
Omit "$66,667", substitute "$67,000".
5
5 Subsection 159N(2)
6
Repeal the subsection, substitute:
7
(2) The amount of the rebate is $300, reduced by 1 cent for every $1 of
8
the amount (if any) by which the taxpayer's taxable income of the
9
year of income exceeds $37,000.
10
6 Application provision
11
The amendments made by this Part apply to the 2015-16 year of income
12
and later years of income.
13
14
Schedule 2 Medicare levy and Medicare levy surcharge
6 Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
Schedule 2--Medicare levy and Medicare levy
1
surcharge
2
3
A New Tax System (Medicare Levy Surcharge--Fringe
4
Benefits) Act 1999
5
1 Paragraphs 15(1)(c) and 16(2)(c)
6
Omit "$18,839", substitute "20,542".
7
Medicare Levy Act 1986
8
2 Subsection 3(1) (paragraph (a) of the definition of phase-in
9
limit)
10
Omit "$36,100", substitute "$37,975".
11
3 Subsection 3(1) (paragraph (c) of the definition of phase-in
12
limit)
13
Omit "$22,163", substitute "$24,167".
14
4 Subsection 3(1) (paragraph (a) of the definition of threshold
15
amount)
16
Omit "$30,685", substitute "$32,279".
17
5 Subsection 3(1) (paragraph (c) of the definition of threshold
18
amount)
19
Omit "$18,839", substitute "$20,542".
20
6 Subsection 8(7)
21
Omit "$44,500", substitute "$46,000".
22
7 Paragraph 8D(3)(c)
23
Omit "$18,839", substitute "$20,542".
24
8 Subparagraph 8D(4)(a)(ii)
25
Omit "$18,839", substitute "$20,542".
26
9 Paragraph 8G(2)(c)
27
Medicare levy and Medicare levy surcharge Schedule 2
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 7
Omit "$18,839", substitute "$20,542".
1
10 Subparagraph 8G(3)(a)(ii)
2
Omit "$18,839", substitute "$20,542".
3
11 Application provision
4
The amendments made by this Schedule apply to the 2012-13 year of
5
income and later years of income.
6
7
Schedule 3 Tax rebate for low income aged persons and pensioners
8 Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
Schedule 3--Tax rebate for low income aged
1
persons and pensioners
2
3
Income Tax Assessment Act 1936
4
1 Subsection 6(1)
5
Insert:
6
rebatable benefit has the meaning given by subsection
7
160AAA(1).
8
2 Section 160AAAA (heading)
9
Repeal the heading, substitute:
10
160AAAA Tax rebate for low income aged persons and pensioners
11
3 Subsection 160AAAA(1)
12
Omit "A taxpayer", substitute "Subject to subsection 160AAA(4), a
13
taxpayer".
14
4 Subsection 160AAAA(2)
15
Omit ", on at least one day during the year of income, either".
16
5 Paragraphs 160AAAA(2)(a) and (b)
17
Before "the taxpayer", insert "on at least one day during the year of
18
income,".
19
6 At the end of subsection 160AAAA(2)
20
Add:
21
; or (c) the assessable income of the taxpayer of the year of income
22
includes an amount of:
23
(i) social security pension or education entry payment
24
(within the meaning of the Social Security Act 1991); or
25
(ii) service pension, carer service pension, income support
26
supplement or Defence Force Income Support
27
Allowance (within the meaning of the Veterans'
28
Entitlements Act 1986) or a DFISA-like payment
29
mentioned in Division 4 of Part VIIAB of that Act;
30
Tax rebate for low income aged persons and pensioners Schedule 3
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 9
and, on at least one day during the year of income, the
1
taxpayer is not in gaol.
2
7 Section 160AAAB (heading)
3
Repeal the heading, substitute:
4
160AAAB Tax rebate for low income aged persons and pensioners--
5
trustees assessed under section 98
6
8 Subsection 160AAAB(1)
7
Omit "A taxpayer who is", substitute "Subject to subsection
8
160AAA(4A),".
9
9 Subsection 160AAAB(2)
10
Omit ", on at least one day during the year of income, either".
11
10 Paragraphs 160AAAB(2)(a) and (b)
12
Before "the beneficiary", insert "on at least one day during the year of
13
income,".
14
11 At the end of subsection 160AAAB(2)
15
Add:
16
; or (c) the assessable income of the beneficiary of the year of
17
income includes an amount of:
18
(i) social security pension or education entry payment
19
(within the meaning of the Social Security Act 1991); or
20
(ii) service pension, carer service pension, income support
21
supplement or Defence Force Income Support
22
Allowance (within the meaning of the Veterans'
23
Entitlements Act 1986) or a DFISA-like payment
24
mentioned in Division 4 of Part VIIAB of that Act;
25
and, on at least one day during the year of income, the
26
beneficiary is not in gaol.
27
12 Section 160AAA (heading)
28
Repeal the heading, substitute:
29
Schedule 3 Tax rebate for low income aged persons and pensioners
10 Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011
160AAA Rebate in respect of certain benefits etc.
1
13 Subsection 160AAA(1) (definition of rebatable pension)
2
Repeal the definition.
3
14 Subsection 160AAA(2)
4
Repeal the subsection.
5
15 Subsection 160AAA(4)
6
Omit "subsections (2) and (3)", substitute "section 160AAAA (Tax
7
rebate for low income aged persons and pensioners) and this section".
8
16 Subsection 160AAA(4A)
9
Repeal the subsection, substitute:
10
(4A) If, apart from this subsection:
11
(a) the taxpayer would be entitled in his or her assessment in
12
respect of income of a year of income to a rebate of tax under
13
this section; and
14
(b) the taxpayer is the beneficiary of a trust; and
15
(c) the trustee of the trust is entitled to a rebate of tax for the year
16
of income under section 160AAAB in respect of the
17
taxpayer;
18
then:
19
(d) if the amounts of the rebates are the same, or the amount of
20
the rebate under this section is the lesser amount--the
21
taxpayer is not entitled to the rebate under this section; or
22
(e) if the amount of the rebate under this section is the greater
23
amount--the trustee is not entitled to the rebate under
24
section 160AAAB.
25
Income Tax Assessment Act 1997
26
17 Section 13-1 (table item headed "low income earner")
27
Omit "aged beneficiary", substitute "aged or pensioner beneficiary".
28
18 Section 13-1 (table item headed "low income earner")
29
After "aged person", insert "or pensioner".
30
Tax rebate for low income aged persons and pensioners Schedule 3
Clean Energy (Tax Laws Amendments) Bill 2011 No. , 2011 11
19 Section 13-1 (table item headed "social security and other
1
benefit payments")
2
Omit "160AAA(2)", substitute "160AAAA".
3
20 Subsection 63-10(1) (table items 5 and 10, column headed
4
"Tax offset")
5
After "aged persons", insert "and pensioners".
6
21 Subsection 63-10(1) (table item 15, column headed "Tax
7
offset")
8
Omit "pensions", substitute "benefits".
9
Medicare Levy Act 1986
10
22 Subsection 3(1) (paragraph (b) of the definition of
11
phase-in limit)
12
Repeal the paragraph.
13
23 Subsection 3(1) (paragraph (b) of the definition of
14
threshold amount)
15
Repeal the paragraph.
16
24 Application provision
17
The amendments made by this Schedule apply to the 2012-13 year of
18
income and later years of income.
19

 

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