Commonwealth of Australia Explanatory Memoranda

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TAXATION LAWS AMENDMENT (SCHOLARSHIPS) BILL 2005

2004-2005

The Parliament of the
Commonwealth of Australia

THE SENATE



Presented and read a first time




Taxation Laws Amendment
(Scholarships) Bill 2005

No.           , 2005
(Senator Stott Despoja)




A Bill for an Act to amend the Income Tax
Assessment Act 1997, the Social Security Act 1991
and the Veterans' Entitlements Act 1986, and for
related purposes
Contents
                1        Short title ......................................................................................1
                2        Commencement .............................................................................1
                3        Objects ..........................................................................................2
                4        Schedule(s)....................................................................................2

Schedule 1--Amendment of the Income Tax Assessment Act
            1997                                                                                                          3

Schedule 2--University Equity Scholarships                                                                                4
         Social Security Act 1991                                                                                         4
         Veterans' Entitlements Act 1986                                                                                  4




i   Taxation Laws Amendment (Scholarships) Bill 2005                     No.        , 2005
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20   A Bill for an Act to amend the Income Tax
21   Assessment Act 1997, the Social Security Act 1991
22   and the Veterans' Entitlements Act 1986, and for
23   related purposes
24
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26   The Parliament of Australia enacts:
27   1 Short title
28              This Act may be cited as the Taxation Laws Amendment
29              (Scholarships) Act 2005.

30   2 Commencement
31              This Act commences on the day on which it receives the Royal
32              Assent.




                     Taxation Laws Amendment (Scholarships) Bill 2005   No.   , 2005   1
 1   3 Objects
 2               The objects of this Act are:
 3                (a) to abolish the distinction between full-time and part-time
 4                    scholarships and make all scholarships which satisfy the other
 5                    criteria in the existing provisions tax free; and
 6                (b) to remove the structural barriers to education, of particular
 7                    concern to women, that taxing part-time scholarships cause;
 8                    and
 9                (c) to abolish the distinction between Commonwealth Learning
10                    Scholarships and university-based scholarships by making a
11                    new class of university scholarships, exempt from the social
12                    security personal income test.

13   4 Schedule(s)
14               Each Act that is specified in a Schedule to this Act is amended or
15               repealed as set out in the applicable items in the Schedule
16               concerned, and any other item in a Schedule to this Act has effect
17               according to its terms.




     2     Taxation Laws Amendment (Scholarships) Bill 2005   No.   , 2005
                      Amendment of the Income Tax Assessment Act 1997 Schedule 1




 1

 2   Schedule 1--Amendment of the Income Tax
 3         Assessment Act 1997
 4
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 6   1 Section 51-10 (table item 2.1A, second column)
 7         Omit "full-time".

 8   2 Section 51-35 (heading)
 9         Omit "full-time".

10   3. Section 51-35
11         Omit "full-time".




                 Taxation Laws Amendment (Scholarships) Bill 2005   No.   , 2005   3
     Schedule 2 University Equity Scholarships




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 2   Schedule 2--University Equity Scholarships
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 5   Social Security Act 1991
 6   1 After subparagraph 8(8)(zja)(ii)
 7           Insert:
 8                     or (iii) a scholarship known as a University Equity Scholarship;

 9   Veterans' Entitlements Act 1986
10   2 After subparagraph 5H(8)(hb)(ii)
11           Insert:
12                     or (iii) a scholarship known as a University Equity Scholarship;




     4      Taxation Laws Amendment (Scholarships) Bill 2005   No.   , 2005

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