Sch 11Definition

Schedule 11—Definition

 

1  Subsection 3(1) (definition of income tax refund)

Repeal the definition, substitute:

income tax refund means an amount payable to a person:

 (a) in respect of an overpayment of income tax imposed by the Income Tax Act 1986; or

 (b) in respect of an overpayment of Medicare levy payable in accordance with Part VIIB of the Income Tax Assessment Act 1936; or

 (c) in respect of an overpayment of an amount payable by the person by an assessment made under Part IV of the Income Tax Assessment Act 1936 because of:

 (i) subsection 106U(1) of the Higher Education Funding Act 1988; or

 (ii) section 154‑60 of the Higher Education Support Act 2003; or

 (iii) subsection 12ZN(1) of the Student Assistance Act 1973; or

 (d) as a refund of a tax offset that is subject to the refundable tax offset rules under Division 67 of the Income Tax Assessment Act.

2  Application of amendment

(1) The amendment made by this Schedule applies in relation to a debt owed in respect of family tax benefit against which an income tax refund is to be applied, if the income tax refund is determined on or after 1 July 2002 (irrespective of the income year to which the refund relates or when the debt is determined).

(2) The amendment made by this Schedule applies in relation to a debt owed in respect of child care benefit against which an income tax refund is to be applied, if both:

 (a) the debt is determined on or after 1 July 2006; and

 (b) the income tax refund is determined on or after 1 July 2007 (irrespective of the income year to which the refund relates).