Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Section 11 - 15 (table item headed "education and training")
After:
CRAFT scheme, employer's income from .......... | 51 - 10 |
insert:
early completion bonuses for apprentices ........... | 51 - 10 and 51 - 42 |
2 Section 51 - 10 (at the end of the table)
Add:
2.6 | a recipient of a bonus for early completion of an apprenticeship | so much of the bonus as does not exceed $1,000 | see section 51 - 42 |
3 After section 51 - 40
Insert:
51 - 42 Bonuses for early completion of an apprenticeship
(1) The bonus must be provided under a scheme provided by a State or Territory, and the scheme must be specified in the regulations for the purposes of this section.
(2) The apprenticeship:
(a) must be for an occupation of a kind specified in the regulations; and
(b) must be completed within a time frame specified in the regulations for apprenticeships of that kind.
4 Application
The amendments made by this Schedule apply to assessments for the 2007 - 08 income year and later income years.