123XPLDeductions from schoolkids bonus payments

123XPL Deductions from schoolkids bonus payments

Scope (1) This section applies if: (a) a person is subject to the income management regime; and (b) a payment of schoolkids bonus under the Family Assistance Act is payable to the person. Deductions from schoolkids bonus (2) The following provisions have effect: (a) the Secretary must deduct from the payment the deductible portion of the payment; (b) an amount equal to the deductible portion of the payment is credited to the Income Management Record; (c) an amount equal to the deductible portion of the payment is credited to the person’s income management account. (3) For the purposes of subsection (2), the deductible portion of a payment of schoolkids bonus is 100% of the amount of the payment.

Part 2—Application and transitional provisions

19 Application—indexation

The amendment of subclause 3(1) of Schedule 4 to the A New Tax System (Family Assistance) Act 1999 made by this Schedule applies in relation to the indexation day that is 1 July 2014 and all later indexation days.

20 Application—relevant schoolkids bonus child

Subsection 35UB(1) of the A New Tax System (Family Assistance) Act 1999 applies in relation to the bonus test day that is 1 January 2013 as if the words “was, under this section, a relevant schoolkids bonus child of the individual for the most recent bonus test day” were omitted, and the words “was born after 1 January 1997 and before 1 August 2007” were substituted.

21 Transitional—amount of schoolkids bonus

(1) This item applies if:

(a) an eligible child is born after 1 January 1997 and before 1 August 2000; and
(b) on 1 January 2013, the eligible child’s usual place of residence is in New South Wales, Victoria, Tasmania, the Australian Capital Territory or the Northern Territory.

(2) This item also applies if:

(a) an eligible child is born after 1 January 1997 and before 1 August 1999; and
(b) on 1 January 2013, the eligible child’s usual place of residence is in Queensland, Western Australia or South Australia.

(3) Section 65B of the A New Tax System (Family Assistance) Act 1999 applies in relation to the bonus test day that is 1 January 2013 as if the secondary school amount was the amount applicable under subsection 65B(2) in relation to the bonus test day for the eligible child.

Part 3—Other amendments

A New Tax System (Family Assistance) (Administration) Act 1999

22 Subsection 35G(2)

Omit “the basis referred to in subsection 20(1), (2A) or (3)”, substitute “an estimated income basis”.

Schedule 3—Other amendments

Income Tax Assessment Act 1997