Commonwealth Consolidated Acts

FAMILY ASSISTANCE AND OTHER LEGISLATION AMENDMENT (SCHOOLKIDS BONUS BUDGET MEASURES) ACT 2012 - SCHEDULE 3

Income Tax Assessment Act 1997

1   Section   11 - 15 (table item headed " family assistance " )

After:

insert:

2   Section   11 - 15 (table item headed " family assistance " )

After:

insert:

3   Section   11 - 15 (table item headed " social security or like payments " )

After:

insert:

4   Section   13 - 1 (table item headed " education expenses " )

Repeal the item.

5   After paragraph   52 - 65(1)(d)

Insert:

  (da)   ETR payments under the Veterans ' Entitlements Act 1986 ; or

6   After subsection   52 - 65(1G)

Insert:

  (1H)   ETR payments under Part   VIIH of the Veterans ' Entitlements Act 1986 are exempt from income tax.

7   Section   52 - 75 (after table item   5B)

Insert:

8   Section   52 - 150

Omit " or single income family supplement " , substitute " , single income family supplement, ETR payment or schoolkids bonus " .

9   After section   52 - 160

Insert:

52 - 162   ETR payments are exempt

    Payments under the scheme determined under Part   2 of Schedule   1 to the Family Assistance and Other Legislation Amendment ( Schoolkids Bonus Budget Measures) Act 2012 are exempt from income tax.

10   At the end of section   61 - 600

Add:

This tax offset is only available for income years ending before 1   July 2011.

11   Subsections   61 - 610(1) and (2)

After " an income year " , insert " ending before 1   July 2011 " .

12   Application

The amendments made by item   11 of this Schedule apply to assessments for the 2011 - 2012 income year and later income years.

13   Section   67 - 23 (table item   12)

After " Subdivision   61 - M " , insert " for income years ending before 1   July 2011 " .