Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 2) 1994 No. 109, 1994 - SECT 52

52.(1) The Rate Calculator in section 1067 of the Principal Act is amended:
(a) by omitting from point 1067-G12 "taxable";

   (b)  by omitting Note 2 to point 1067-G12 and substituting the following
        Notes:

"Note 2: For 'income' see point 1067-G23 below. Note 2A: For 'exempt spousal
maintenance income' see section 23.";

   (c)  by omitting from point 1067-G13 "taxable";

   (d)  by omitting Note 2 to point 1067-G13 and substituting the following
        Notes:

"Note 2: For 'income' see point 1067-G23 below. Note 2A: For 'exempt spousal
maintenance income' see section 23.";

   (e)  by omitting from point 1067-G14 "taxable";

   (f)  by omitting Note 2 to point 1067-G14 and substituting the following
        Notes:

"Note 2: For 'income' see point 1067-G23 below. Note 2A: For 'exempt spousal
maintenance income' see section 23.";

   (g)  by inserting after point 1067-G22 the following point in Module G:
        Income

"1067-G23. For the purposes of points 1067-G12, 1067-G13 and 1067-G14, a
person's income for a particular tax year is the sum of:

   (a)  the person's taxable income for that year; and

   (b)  the person's net rental property loss for that year. Note 1: For
        'taxable income' see subsection 23(1). Note 2: For 'net rental
        property loss' see subsection 10A(15).".

(2) The amendments made by subsection (1):

   (a)  apply to all payments that fall due on or after 1 January 1995; and

   (b)  apply to all net rental property losses whether incurred before, on or
        after 1 January 1995.