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Clean Energy (Tax Laws Amendments) Act 2011

Authoritative Version
  • - C2012C00600
  • In force - Superseded Version
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Act No. 159 of 2011 as amended, taking into account amendments up to Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2012
An Act to amend the law relating to taxation, and for related purposes
Administered by: Treasury
Registered 16 Aug 2012
Start Date 28 Jun 2012
End Date 25 Jun 2015
Table of contents.

Clean Energy (Tax Laws Amendments) Act 2011

Act No. 159 of 2011 as amended

This compilation was prepared on 9 August 2012
taking into account amendments up to Act No. 86 of 2012

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

  

  


Contents

1............ Short title [see Note 1]........................................................................ 1

2............ Commencement................................................................................... 1

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

Schedule 1—Low‑income tax offset                                                                            3

Part 1—Amendments applying from the 2012‑13 year of income        3

Income Tax Assessment Act 1936                                                                              3

Part 2—Amendments applying from the 2015‑16 year of income        4

Income Tax Assessment Act 1936                                                                              4

Schedule 2—Medicare levy and Medicare levy surcharge                           5

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999    5

Medicare Levy Act 1986                                                                                             5

Schedule 3—Tax rebate for low income aged persons and pensioners 7

Income Tax Assessment Act 1936                                                                              7

Income Tax Assessment Act 1997                                                                              9

Medicare Levy Act 1986                                                                                           10

Notes                                                                                                                                         11


An Act to amend the law relating to taxation, and for related purposes

1  Short title [see Note 1]

                   This Act may be cited as the Clean Energy (Tax Laws Amendments) Act 2011.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

4 December 2011

2.  Schedule 1, Part 1

The later of:

(a) the start of 1 July 2012; and

(b) the commencement of section 3 of the Clean Energy Act 2011.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2012

3.  Schedule 1, Part 2

The later of:

(a) the start of 1 July 2015; and

(b) the commencement of section 3 of the Clean Energy Act 2011.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2015

4.  Schedule 2

The latest of:

(a) the start of 1 July 2012; and

(b) the commencement of section 3 of the Clean Energy Act 2011; and

(c) the commencement of Part 1 of Schedule 1 to the Clean Energy (Income Tax Rates Amendments) Act 2011.

However, the provision(s) do not commence at all unless both of the events mentioned in paragraphs (b) and (c) occur.

1 July 2012

5.  Schedule 3

The later of:

(a) the start of 1 July 2012; and

(b) the commencement of section 3 of the Clean Energy Act 2011.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2012

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

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 1Low‑income tax offset

Part 1Amendments applying from the 2012‑13 year of income

Income Tax Assessment Act 1936

1  Subsection 159N(1)

Omit “$67,500”, substitute “$66,667”.

2  Subsection 159N(2)

Repeal the subsection, substitute:

             (2)  The amount of the rebate is $445, reduced by 1.5 cents for every $1 of the amount (if any) by which the taxpayer’s taxable income of the year of income exceeds $37,000.

3  Application provision

The amendments made by this Part apply to the 2012‑13 year of income and later years of income.


 

Part 2Amendments applying from the 2015‑16 year of income

Income Tax Assessment Act 1936

4  Subsection 159N(1)

Omit “$66,667”, substitute “$67,000”.

5  Subsection 159N(2)

Repeal the subsection, substitute:

             (2)  The amount of the rebate is $300, reduced by 1 cent for every $1 of the amount (if any) by which the taxpayer’s taxable income of the year of income exceeds $37,000.

6  Application provision

The amendments made by this Part apply to the 2015‑16 year of income and later years of income.


 

Schedule 2Medicare levy and Medicare levy surcharge

  

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

1  Paragraphs 15(1)(c) and 16(2)(c)

Omit “$19,404”, substitute “20,542”.

Medicare Levy Act 1986

2  Subsection 3(1) (paragraph (a) of the definition of phase‑in limit)

Omit “$36,100”, substitute “$37,975”.

3  Subsection 3(1) (paragraph (c) of the definition of phase‑in limit)

Omit “$22,828”, substitute “$24,167”.

4  Subsection 3(1) (paragraph (a) of the definition of threshold amount)

Omit “$30,685”, substitute “$32,279”.

5  Subsection 3(1) (paragraph (c) of the definition of threshold amount)

Omit “$19,404”, substitute “$20,542”.

6  Subsection 8(7)

Omit “$44,500”, substitute “$46,000”.

7  Paragraph 8D(3)(c)

Omit “$19,404”, substitute “$20,542”.

8  Subparagraph 8D(4)(a)(ii)

Omit “$19,404”, substitute “$20,542”.

9  Paragraph 8G(2)(c)

Omit “$19,404”, substitute “$20,542”.

10  Subparagraph 8G(3)(a)(ii)

Omit “$19,404”, substitute “$20,542”.

11  Application provision

The amendments made by this Schedule apply to the 2012‑13 year of income and later years of income.


 

Schedule 3Tax rebate for low income aged persons and pensioners

  

Income Tax Assessment Act 1936

1  Subsection 6(1)

Insert:

rebatable benefit has the meaning given by subsection 160AAA(1).

2  Section 160AAAA (heading)

Repeal the heading, substitute:

160AAAA  Tax rebate for low income aged persons and pensioners

3  Subsection 160AAAA(1)

Omit “A taxpayer”, substitute “Subject to subsection 160AAA(4), a taxpayer”.

4  Subsection 160AAAA(2)

Omit “, on at least one day during the year of income, either”.

5  Paragraphs 160AAAA(2)(a) and (b)

Before “the taxpayer”, insert “on at least one day during the year of income,”.

6  At the end of subsection 160AAAA(2)

Add:

               ; or (c)  the assessable income of the taxpayer of the year of income includes an amount of:

                              (i)  social security pension or education entry payment (within the meaning of the Social Security Act 1991); or

                             (ii)  service pension, carer service pension, income support supplement or Defence Force Income Support Allowance (within the meaning of the Veterans’ Entitlements Act 1986) or a DFISA‑like payment mentioned in Division 4 of Part VIIAB of that Act;

                            and, on at least one day during the year of income, the taxpayer is not in gaol.

7  Section 160AAAB (heading)

Repeal the heading, substitute:

160AAAB  Tax rebate for low income aged persons and pensioners—trustees assessed under section 98

8  Subsection 160AAAB(1)

Omit “A taxpayer who is”, substitute “Subject to subsection 160AAA(4A),”.

9  Subsection 160AAAB(2)

Omit “, on at least one day during the year of income, either”.

10  Paragraphs 160AAAB(2)(a) and (b)

Before “the beneficiary”, insert “on at least one day during the year of income,”.

11  At the end of subsection 160AAAB(2)

Add:

               ; or (c)  the assessable income of the beneficiary of the year of income includes an amount of:

                              (i)  social security pension or education entry payment (within the meaning of the Social Security Act 1991); or

                             (ii)  service pension, carer service pension, income support supplement or Defence Force Income Support Allowance (within the meaning of the Veterans’ Entitlements Act 1986) or a DFISA‑like payment mentioned in Division 4 of Part VIIAB of that Act;

                            and, on at least one day during the year of income, the beneficiary is not in gaol.

12  Section 160AAA (heading)

Repeal the heading, substitute:

160AAA  Rebate in respect of certain benefits etc.

13  Subsection 160AAA(1) (definition of rebatable pension)

Repeal the definition.

14  Subsection 160AAA(2)

Repeal the subsection.

15  Subsection 160AAA(4)

Omit “subsections (2) and (3)”, substitute “section 160AAAA (Tax rebate for low income aged persons and pensioners) and this section”.

16  Subsection 160AAA(4A)

Repeal the subsection, substitute:

          (4A)  If, apart from this subsection:

                     (a)  the taxpayer would be entitled in his or her assessment in respect of income of a year of income to a rebate of tax under this section; and

                     (b)  the taxpayer is the beneficiary of a trust; and

                     (c)  the trustee of the trust is entitled to a rebate of tax for the year of income under section 160AAAB in respect of the taxpayer;

then:

                     (d)  if the amounts of the rebates are the same, or the amount of the rebate under this section is the lesser amount—the taxpayer is not entitled to the rebate under this section; or

                     (e)  if the amount of the rebate under this section is the greater amount—the trustee is not entitled to the rebate under section 160AAAB.

Income Tax Assessment Act 1997

17  Section 13‑1 (table item headed “low income earner”)

Omit “aged beneficiary”, substitute “aged or pensioner beneficiary”.

18  Section 13‑1 (table item headed “low income earner”)

After “aged person”, insert “or pensioner”.

19  Section 13‑1 (table item headed “social security and other benefit payments”)

Omit “160AAA(2)”, substitute “160AAAA”.

20  Subsection 63‑10(1) (table items 5 and 10, column headed “Tax offset”)

After “aged persons”, insert “and pensioners”.

21  Subsection 63‑10(1) (table item 15, column headed “Tax offset”)

Omit “pensions”, substitute “benefits”.

Medicare Levy Act 1986

22  Subsection 3(1) (paragraph (b) of the definition of phase‑in limit)

Repeal the paragraph.

23  Subsection 3(1) (paragraph (b) of the definition of threshold amount)

Repeal the paragraph.

24  Application provision

The amendments made by this Schedule apply to the 2012‑13 year of income and later years of income.


Notes to the Clean Energy (Tax Laws Amendments) Act 2011

Note 1

The Clean Energy (Tax Laws Amendments) Act 2011 as shown in this compilation comprises Act No. 159, 2011 amended as indicated in the Tables below.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

Clean Energy (Tax Laws Amendments) Act 2011

159, 2011

4 Dec 2011

See s. 2(1)

 

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Act 2012

86, 2012

28 June 2012

Schedule 1 (items 14–16): Royal Assent


Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Schedule 2

 

Item 1...................................

am. No. 86, 2012

Item 3...................................

am. No. 86, 2012

Item 5...................................

am. No. 86, 2012

Item 7...................................

am. No. 86, 2012

Item 8...................................

am. No. 86, 2012

Item 9...................................

am. No. 86, 2012

Item 10.................................

am. No. 86, 2012