Taxation (Support for Children in Hardship) Act 2015

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1 Title

This Act is the Taxation (Support for Children in Hardship) Act 2015.

2 Commencement

(1)

Sections 4 and 5 come into force on 1 April 2016.

(2)

The rest of this Act comes into force on the day after the date on which it receives the Royal assent.

Amendments to Income Tax Act 2007

3 Income Tax Act 2007

Sections 4 and 5 amend the Income Tax Act 2007.

4 Section MD 10 amended (Calculation of in-work tax credit)

In section MD 10(3)(a), replace “$3,120” with “$3,770”.

5 Section MD 13 amended (Calculation of family credit abatement)

In section MD 13(3)(a),—

(a)

in subparagraph (i), replace “21.25 cents” with “22.5 cents”:

(b)

in subparagraph (ii), replace “21.25 cents” with “22.5 cents”.

Amendments to Taxation (Annual Rates and Budget Measures) Act 2011

6 Taxation (Annual Rates and Budget Measures) Act 2011

Sections 7 to 10 amend the Taxation (Annual Rates and Budget Measures) Act 2011.

7 Section 2 amended (Commencement)

(1)

In section 2(3), replace “Section 5(2) comes” with “Sections 5(2) and 14B(1) come”.

(2)

In section 2(4), replace “Section 5(3) comes” with “Sections 5(3) and 14B(2) come”.

(3)

In section 2(5), replace “Section 5(4) comes” with “Sections 5(4) and 14B(3) come”.

8 Section 4 amended (Income Tax Act 2007)

In section 4, replace “Sections 5 to 14” with “Sections 5 to 14B”.

9 Section 5 amended (Calculation of family credit abatement)

Replace section 5(2) to (4) with:

(2)

In section MD 13(3)(a),—

(a)

in subparagraph (i), replace “$36,350, 22.5 cents” with “$35,900, 23.75 cents”:

(b)

in subparagraph (ii), replace “$36,350, 22.5 cents” with “$35,900, 23.75 cents”.

(3)

In section MD 13(3)(a),—

(a)

in subparagraph (i), replace “$35,900, 23.75 cents” with “$35,450, 25 cents”:

(b)

in subparagraph (ii), replace “$35,900, 23.75 cents” with “$35,450, 25 cents”.

(4)

In section MD 13(3)(a),—

(a)

in subparagraph (i), replace “$35,450, 25 cents” with “$35,000, 25 cents”:

(b)

in subparagraph (ii), replace “$35,450, 25 cents” with “$35,000, 25 cents”.

10 New section 14B inserted (Schedule 31 amended)

After section 14, insert:

14B Schedule 31 amended

(1)

In Schedule 31, replace the first and second rows after the heading row with:

Amount does not exceed $35,900$35,900
Amount exceeds $35,900 but does not exceed $36,500$36,500
Amount exceeds $36,500 but does not exceed $38,000$38,000

(2)

In Schedule 31, replace the first and second rows after the heading row with:

Amount does not exceed $35,450$35,450
Amount exceeds $35,450 but does not exceed $36,500$36,500

(3)

In Schedule 31, replace the first and second rows after the heading row with:

Amount does not exceed $35,000$35,000
Amount exceeds $35,000 but does not exceed $36,500$36,500
Legislative history

1 December 2015

Divided from Support for Children in Hardship Bill (Bill 23–2) as Bill 23–3C

3 December 2015

Third reading

9 December 2015

Royal assent

This Act is administered by the Inland Revenue Department.