CLEAN ENERGY (TAX LAWS AMENDMENTS) ACT 2011 (NO. 159, 2011) - SCHEDULE 3 Tax rebate for low income aged persons and pensioners
CLEAN ENERGY (TAX LAWS AMENDMENTS) ACT 2011 (NO. 159, 2011) - SCHEDULE 3
Tax rebate for low income aged persons and pensioners
Income Tax Assessment Act 1936
1 Subsection 6(1)
Insert:
"rebatable benefit" has the meaning given by subsection 160AAA(1).
2 Section 160AAAA (heading)
Repeal the heading, substitute:
160AAAA Tax rebate for low income aged persons and pensioners
3 Subsection 160AAAA(1)
Omit "A taxpayer", substitute "Subject to subsection 160AAA(4), a taxpayer".
4 Subsection 160AAAA(2)
Omit ", on at least one day during the year of income, either".
5 Paragraphs 160AAAA(2)(a) and (b)
Before "the taxpayer", insert "on at least one day during the year of income,".
6 At the end of subsection 160AAAA(2)
Add:
; or (c) the assessable income of the taxpayer of the year of income includes an amount of:
(i) social security pension or education entry payment (within the meaning of the Social Security Act 1991 ); or
(ii) service pension, carer service pension, income support supplement or Defence Force Income Support Allowance (within the meaning of the Veterans' Entitlements Act 1986 ) or a DFISA-like payment mentioned in Division 4 of Part VIIAB of that Act;
and, on at least one day during the year of income, the taxpayer is not in gaol.
7 Section 160AAAB (heading)
Repeal the heading, substitute:
160AAAB Tax rebate for low income aged persons and pensioners--trustees assessed under section 98
8 Subsection 160AAAB(1)
Omit "A taxpayer who is", substitute "Subject to subsection 160AAA(4A),".
9 Subsection 160AAAB(2)
Omit ", on at least one day during the year of income, either".
10 Paragraphs 160AAAB(2)(a) and (b)
Before "the beneficiary", insert "on at least one day during the year of income,".
11 At the end of subsection 160AAAB(2)
Add:
; or (c) the assessable income of the beneficiary of the year of income includes an amount of:
(i) social security pension or education entry payment (within the meaning of the Social Security Act 1991 ); or
(ii) service pension, carer service pension, income support supplement or Defence Force Income Support Allowance (within the meaning of the Veterans' Entitlements Act 1986 ) or a DFISA-like payment mentioned in Division 4 of Part VIIAB of that Act;
and, on at least one day during the year of income, the beneficiary is not in gaol.
12 Section 160AAA (heading)
Repeal the heading, substitute:
160AAA Rebate in respect of certain benefits etc.
13 Subsection 160AAA(1) (definition of rebatable pension )
Repeal the definition.
14 Subsection 160AAA(2)
Repeal the subsection.
15 Subsection 160AAA(4)
Omit "subsections (2) and (3)", substitute "section 160AAAA (Tax rebate for low income aged persons and pensioners) and this section".
16 Subsection 160AAA(4A)
Repeal the subsection, substitute:
(4A) If, apart from this subsection:
(a) the taxpayer would be entitled in his or her assessment in respect of income of a year of income to a rebate of tax under this section; and
(b) the taxpayer is the beneficiary of a trust; and
(c) 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;
then:
(d) if the amounts of the rebates are the same, or the amount of the rebate under this section is the lesser amount--the taxpayer is not entitled to the rebate under this section; or
(e) if the amount of the rebate under this section is the greater amount--the trustee is not entitled to the rebate under section 160AAAB.
Income Tax Assessment Act 1997
17 Section 13-1 (table item headed "low income earner")
Omit "aged beneficiary", substitute "aged or pensioner beneficiary".
18 Section 13-1 (table item headed "low income earner")
After "aged person", insert "or pensioner".
19 Section 13-1 (table item headed "social security and other benefit payments")
Omit " 160AAA(2) ", substitute " 160AAAA ".
20 Subsection 63-10(1) (table items 5 and 10, column headed "Tax offset")
After "aged persons", insert "and pensioners".
21 Subsection 63-10(1) (table item 15, column headed "Tax offset")
Omit "pensions", substitute "benefits".
22 Subsection 3(1) (paragraph (b) of the definition of phase-in limit )
Repeal the paragraph.
23 Subsection 3(1) (paragraph (b) of the definition of threshold amount )
Repeal the paragraph.
24 Application provision
The amendments made by this Schedule apply to the 2012-13 year of income and later years of income.