Explanatory Memorandum
(Circulated by the authority of the Minister for Education, the Honourable Julia Gillard MP)Schedule 1 - Amendments
Income Tax Assessment Act 1997
Item 1 - Section 11-15 (at the end of the table item headed "education and training")
Amends the "education and training" entry in the table in section 11-15, to add the recipients of a Skills for Sustainability for Australian Apprentices payment and a Tools for Your Trade (under the Australian Apprenticeships Incentive Program) payment to the list of classes of exempt income to reflect the amendment made by item 2.
Item 2 - Section 51-10 (at the end of the table)
Inserts new items 2.7 and 2.8 in the table to section 51-10, which has the effect of adding Skills for Sustainability for Australian Apprentices payments and Tools for Your Trade (under the Australian Apprenticeships Incentive Program) payments to the list of education and training amounts exempt from income tax.
Item 3 - Application of amendments
Provides that the amendments made by items 1 and 2 apply to assessments for the 2009-10 income year and later income years.
Social Security Act 1991
Item 4 - After paragraph 8(8)(ta)
Inserts new paragraphs 8(8)(tb) and (tc) to exempt the amount of a Skills for Sustainability for Australian Apprentices payment and the amount of a Tools for Your Trade (under the Australian Apprenticeships Incentive Program) payment from the definition of income under the Act.
Veterans' Entitlements Act 1986
Item 5 - After paragraph 5H(8)(xaa)
Inserts new paragraphs 5H(8)(xab) and (xac) to exempt a payment made by the Commonwealth under the Skills for Sustainability for Australian Apprentices program and the Tools for Your Trade (under the Australian Apprenticeships Incentive Program) from the definition of income under the Act.