House of Representatives
INCOME TAX RATES AMENDMENT (FAMILY TAX INITIATIVE) BILL 1996
Explanatory Memorandum
(Circulated by the authority of the Treasurer,the Hon Peter Costello)Glossary
| Assessment Act | Income Tax Assessment Act 1936 |
| Rates Act | Income Tax Rates Act 1986 |
| SSA91 | Social Security Act 1991 |
| FTA | Family Tax Assistance |
| FTA benefit | the increase in tax-free threshold or reduction in tax rate as a result of the application of the FTA |
| Part A benefit | the $1,000 increase in the tax-free threshEe threshold for certain taxpayers |
| Part B benefit | the $2,500 increase in the tax-free threshold for certain taxpayers with a dependant child under 5 |
| FTP | Family Tax Payments under Part 2.17AA of the Social Security Act 1991 |
References to sections in the EM are references to sections in the proposed new Division 5 of Part II of the Rates Act, unless otherwise indicated.