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FAMILY AND COMMUNITY SERVICES AND VETERANS' AFFAIRS LEGISLATION AMENDMENT (FURTHER 2004 ELECTION COMMITMENTS AND OTHER MEASURES) ACT 2005 NO. 29, 2005 - SCHEDULE 2

- Child income cut-out amount

A New Tax System (Family Assistance) Act 1999

1 Subsection 22A(2) (definition of cut-out amount )

Repeal the definition, substitute:

"cut-out amount "means $11,233.

2 Subsection 35(3) (definition of cut-out amount )

Repeal the definition, substitute:

"cut-out amount" means $11,233.

3 Clause 2 of Schedule 4 (after table item 14)

Insert:

14A


Child income cut-out amount


cut-out amount


[subsections 22A(2) and 35(3)]


4 Subclause 3(1) of Schedule 4 (after table item 14)

Insert:

14A


cut-out amount


1 July


December


highest December quarter before reference quarter (but not earlier than December quarter 2004)


$1.00


5 At the end of clause 3 of Schedule 4

Add:

Indexation of cut-out amount for 2006-2007 income year and later income years

(4)
The first indexation under subclause (1) of the cut-out amount is to take place on 1 July 2006.

6 Application of amendments

(1) The amendments made by items 1 and 2 of this Schedule apply in relation to family tax benefit for the 2005-2006 income year or a later income year.
(2) The amendments made by items 3, 4 and 5 of this Schedule apply in relation to family tax benefit for the 2006-2007 income year or a later income year.


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