Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Farm Household Support Amendment
Bill 2019
No. , 2019
(Agriculture)
A Bill for an Act to amend the Farm Household
Support Act 2014, and for related purposes
No. , 2019
Farm Household Support Amendment Bill 2019
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Farm Household Support Act 2014
3
No. , 2019
Farm Household Support Amendment Bill 2019
1
A Bill for an Act to amend the Farm Household
1
Support Act 2014, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Farm Household Support Amendment Act 2019.
5
2 Commencement
6
(1) Each provision of this Act specified in column 1 of the table
7
commences, or is taken to have commenced, in accordance with
8
column 2 of the table. Any other statement in column 2 has effect
9
according to its terms.
10
11
2
Farm Household Support Amendment Bill 2019
No. , 2019
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
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 Schedules
7
Legislation 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repealed as set out in the applicable items in the Schedule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
Amendments Schedule 1
No. , 2019
Farm Household Support Amendment Bill 2019
3
Schedule 1--Amendments
1
2
Farm Household Support Act 2014
3
1 Section 34
4
Repeal the section, substitute:
5
34 Farm assets value limit
6
Farm household allowance is not payable to a person if the value of
7
the person's farm assets exceeds $5 million.
8
2 Section 67
9
Repeal the section, substitute:
10
67 Allowable deductions from ordinary income
11
(1) For the purpose of applying section 1072 of the Social Security Act
12
in working out the rate of farm household allowance for a person, a
13
person's ordinary income for a tax year is to be reduced in
14
accordance with this section.
15
(2) If:
16
(a) during a tax year the person incurs an amount that has been
17
prescribed to be an allowable deduction under
18
paragraph (5)(a); and
19
(b) at the time of incurring the amount, the person carries on a
20
business that is wholly or partly a farm enterprise;
21
the person's ordinary income for the tax year is to be reduced by so
22
much of the amount as:
23
(c) relates to the farm enterprise; and
24
(d) does not exceed the income earned by the person from the
25
farm enterprise.
26
(3) In working out the rate of farm household allowance for a person,
27
section 1075 of the Social Security Act does not apply to income
28
earned by the person from a farm enterprise.
29
(4) If:
30
Schedule 1 Amendments
4
Farm Household Support Amendment Bill 2019
No. , 2019
(a) during a tax year the person incurs an amount that would,
1
under Division 1A of Part 3.10 of the Social Security Act,
2
reduce the person's ordinary income from a business that is
3
not wholly or partly a farm enterprise for the tax year; and
4
(b) the amount is not an amount covered by subsection (2);
5
the person's ordinary income for the tax year is to be reduced by so
6
much of the amount as does not exceed the income earned by the
7
person from the business.
8
(5) The Minister's rules may do any or all of the following:
9
(a) prescribe a kind of amount to be an allowable deduction for
10
the purposes of paragraph (2)(a);
11
(b) prescribe circumstances in which subsection (2) does not
12
apply;
13
(c) prescribe circumstances in which subsection (4) does not
14
apply.
15
(6) Without limiting paragraph (5)(a), the prescription of a kind of
16
amount may include a maximum amount.
17
(7) Subsection (6) does not limit the power to make Minister's rules
18
for the purposes of subsection (5).
19
3 Section 95 (table items 3 and 5)
20
Repeal the items.
21
4 Transitional provision
22
(1)
This item applies in relation to a claim by a person for farm household
23
allowance under the Farm Household Support Act 2014 if:
24
(a) the claim is made on or after 1 July 2019 and before the
25
commencement day (the transitional period); and
26
(b) farm household allowance was not payable to the person for
27
a day in the transitional period (the relevant day) only
28
because the value of the person's farm assets was greater
29
than $2.685 million; and
30
(c) the value of the person's farm assets on the relevant day did
31
not exceed $5 million.
32
(2)
Despite section 34 of the Farm Household Support Act 2014, as in force
33
immediately before the commencement day, farm household allowance
34
Amendments Schedule 1
No. , 2019
Farm Household Support Amendment Bill 2019
5
is taken to be, and always to have been, payable to the person for the
1
relevant day.
2
(3)
For the purposes of this item:
3
commencement day means the day this Schedule commences.
4
5 Application provision
5
The amendments of section 67 of the Farm Household Support Act
6
2014 made by this Schedule apply in relation to the 2019-20 tax year
7
and later tax years.
8