Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Section 11 - 15 (table item headed "social security or like payments")
After:
clean energy payment under the Veterans ' Entitlements Act 1986 | 52 - 65 |
insert:
clean energy payment under the scheme prepared under Part VII of the Veterans ' Entitlements Act 1986 | 52 - 65 |
2 Section 11 - 15 (table item headed "social security or like payments")
After:
clean energy payment under the Military Rehabilitation and Compensation Act 2004 | 52 - 114 |
insert:
clean energy payment under the scheme determined under section 258 of the Military Rehabilitation and Compensation Act 2004 | 52 - 114 |
3 Section 11 - 15 (table item headed "social security or like payments")
After:
training and learning bonus under the Social Security Act 1991 | 52 - 10 |
insert:
transitional farm family payment ................ | 53 - 10 |
4 After paragraph 52 - 65(1)(b)
Insert:
(ba) clean energy payments under the scheme prepared under Part VII (about educating veterans' children) of the Veterans' Entitlements Act 1986 ; or
5 Subsection 52 - 65(1G)
Repeal the subsection, substitute:
(1G) The following are exempt from income tax:
(a) clean energy payments under the Veterans' Entitlements Act 1986 ;
(b) clean energy payments under the scheme prepared under Part VII (about educating veterans' children) of that Act.
Note: The supplementary amount of each other payment under the scheme mentioned in paragraph ( b) is also exempt from income tax (see section 52 - 140).
6 Section 52 - 75 (after table item 3A)
Insert:
3B | Clean energy payment under Veterans' Children Education Scheme | Part VII | Not applicable |
7 Section 52 - 114 (table item 16)
Repeal the item, substitute:
16 | Education and training, or a payment, under the education
scheme for certain eligible young persons | Exempt if: (a) provided for or made to a person under 16; or (b) a clean energy payment | Exempt |
8 At the end of section 52 - 114
Add:
Note: The supplementary amount of a payment covered by item 16 of the table made to a person aged 16 or over is also exempt from income tax (see section 52 - 140).
9 Subsection 52 - 131(2)
After "crisis payment", insert ", or clean energy payment,".
10 After paragraph 52 - 131(8)(a)
Insert:
(aa) a clean energy payment; or
11 At the end of section 52 - 132
Add:
; and (c) so much of the payment as is included by way of clean energy supplement.
12 At the end of subsection 52 - 140(3)
Add:
; and (c) so much of the payment as is included by way of clean energy supplement.
13 Section 53 - 10 (after table item 4C)
Insert:
4D | Transitional Farm Family Payment | The program known as the Transitional Farm Family Payment program | Only so much of the payment as is included: (a) in lieu of clean energy advance; or (b) by way of clean energy supplement; is exempt |
14 At the end of section 53 - 15
Add:
and (c) for an exceptional circumstances relief payment--so much of the payment as is included by way of clean energy supplement, worked out as if the payment were the applicable payment of youth allowance, or newstart allowance, referred to in paragraph 24A(1)(a) of the Farm Household Support Act 1992 .
15 Application of amendments
(1) The amendments made by this Schedule (other than items 3 and 13) apply in relation to payments made in the 2011 - 12 income year or a later income year.
(2) The amendments made by items 3 and 13 apply in relation to payments made in the 2012 - 13 income year or a later income year.