Commonwealth Consolidated Acts

FAMILY ASSISTANCE AND OTHER LEGISLATION AMENDMENT ACT 2012 - SCHEDULE 2

Part   1 -- Amendments

A New Tax System (Family Assistance) Act 1999

1   Subsection   66(1)

Repeal the subsection, substitute:

  (1)   The amount of baby bonus for an individual in respect of a child is $5,000.

2   At the end of clause   3 of Schedule   4

Add:

No indexation of baby bonus on 1   July 2012, 1   July 2013 and 1   July 2014

  (9)   Baby bonus is not to be indexed on 1   July 2012, 1   July 2013 and 1   July 2014.

Note:   Indexation of baby bonus resumes on 1   July 2015, based on a current figure of $5,000 (see item   6 of Schedule   2 to the Family Assistance and Other Legislation Amendment Act 2012 ).

A New Tax System (Family Assistance) (Administration) Act 1999

3   Paragraph 47(2A)(a)

Omit "in the 2011 - 2012 financial year", substitute "between 1   July 2011 and 31   August 2012".

4   Paragraph 47(2A)(b)

Repeal the paragraph, substitute:

  (b)   if the claimant becomes eligible for baby bonus between 1   September 2012 and 30   June 2015--$846.15;

  (c)   if the claimant becomes eligible for baby bonus on or after 1   July 2015--the amount worked out as follows:

Part   2 -- Application and transitional provisions

5   Application provision

The amendment made by item   1 applies in relation to individuals who become eligible for baby bonus on or after 1   September 2012.