Federal Register of Legislation - Australian Government

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Act No. 53 of 2000 as made
An Act to amend the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999, and for related purposes
Administered by: Treasury
Originating Bill: A New Tax System (Medicare Levy Surcharge Fringe Benefits) Amendment Bill 2000
Date of Assent 30 May 2000
Table of contents.

 

 

 

 

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

 

No. 53, 2000


 

 

 

 

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

 

No. 53, 2000

 

 

 

 

An Act to amend the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999, and for related purposes

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1—A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999            3

 


A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

No. 53, 2000

 

 

 

An Act to amend the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999, and for related purposes

[Assented to 30 May 2000]

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000.

2  Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


 

Schedule 1A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

  

1  Subsections 11(2) and (3)

Repeal the subsections.

2  At the end of section 15

Add:

Special rule if person’s spouse is a presently entitled beneficiary in a trust estate

             (2)  In working out whether subsection (1) applies to a person whose spouse is a beneficiary presently entitled to a share in the net income of a trust estate in respect of which the trustee is liable to be assessed under section 98 of the Assessment Act, assume that:

                     (a)  the spouse’s taxable income included that share; and

                     (b)  subsection 271‑105(1) in Schedule 2F to that Act did not apply in working out the net income of the trust estate.

Note:       Insert before subsection 15(1) the heading “When this section applies”.

3  Paragraph 16(3)(b)

Omit “$13,389”, substitute “the family surcharge threshold”.

4  Subsection 16(5)

Repeal the subsection, substitute:

Special rule if person’s spouse is a presently entitled beneficiary in a trust estate

             (5)  In working out whether subsection (2) applies to a person whose spouse is a beneficiary presently entitled to a share in the net income of a trust estate in respect of which the trustee is liable to be assessed under section 98 of the Assessment Act, assume that:

                     (a)  the spouse’s taxable income included that share; and

                     (b)  subsection 271‑105(1) in Schedule 2F to that Act did not apply in working out the net income of the trust estate.

5  Application

The amendments made by this Schedule apply to assessments for the 1999‑2000 year of income and later years of income.

 

 

[Minister’s second reading speech made in—

House of Representatives on 9 March 2000

Senate on 3 April 2000]

 

(30/00)