SOCIAL SECURITY AND VETERANS' AFFAIRS LEGISLATION AMENDMENT (PENSION BONUS SCHEME) ACT 1998 NO. 67, 1998 - SCHEDULE 3 Amendment of the Income Tax Assessment Act 1997

Commonwealth Numbered Acts

Amendment of the Income Tax Assessment Act 1997

1 Section 11-15 (table item headed "social security or like payments")

After:

drought relief, payment for

53-10 and
53-15

Insert:

pension bonus

52-10 and 52-65

2 Subsection 52-10(1)

After "payments", insert "(other than payments of pension bonus)".

3 After subsection 52-10(1)

Insert:

(1A) Payments of pension bonus under Part 2.2A of the Social Security Act 1991 are exempt from income tax.

4 Subsection 52-65(1)

After "payments", insert "(other than payments of pension bonus)".

5 After subsection 52-65(1)

Insert:

(1A) Payments of pension bonus under Part IIIAB of the Veterans' Entitlements Act 1986 are exempt from income tax.

[ Minister's second reading speech made in--

House of Representatives on 26 March 1998

Senate on 13 may 1998 ]

(26/98)