A New Tax System (Family Assistance) Act 1999

Sch 4 (heading) note amended by No 63 of 2008, s 3 and Sch 1 item 4, by substituting " 85 " for " 75 " in the note, effective 1 July 2008.

Sch 4 Pt 3 repealed by No 60 of 2009, s 3 and Sch 14 item 5, effective 30 June 2009. The Part formerly read:

Part 3 - Adjustment of other rates

7 Adjustment of FTB child rates  
(1)
Subject to subclause (2), this Act has effect as if, on 1 July each year, the amount worked out in accordance with the following formula were substituted for the FTB under 13 child rate:

CPC rate × 16.6%

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History

Sch 4 cl 7(1) amended by No 11 of 2005, s 3 and Sch 1 item 1, by substituting the formula, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year. The formula formerly read:

[CPC rate × 16.6%]

−

FTB gross supplement amount

Sch 4 cl 7(1) amended by No 59 of 2004, s 3 and Sch 1 item 6, by substituting the formula, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year. The formula formerly read:

CPC rate × 16.6%

(2)
Subclause (1) does not apply if the amount worked out in accordance with the formula in that subclause does not exceed the FTB under 13 child rate (as indexed under clause 4) that would apply on the 1 July concerned apart from this clause.

(3)
Subject to subclause (4), this Act has effect as if, on 1 July each year, the amount worked out in accordance with the following formula were substituted for the FTB 13-15 child rate:

CPC rate × 21.6%

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Sch 4 cl 7(3) amended by No 11 of 2005, s 3 and Sch 1 item 2, by substituting the formula, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year. The formula formerly read:

[CPC rate × 21.6%]

−

FTB gross supplement amount

Sch 4 cl 7(3) amended by No 59 of 2004, s 3 and Sch 1 item 7, by substituting the formula, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year. The formula formerly read:

CPC rate × 21.6%

(4)
Subclause (3) does not apply if the amount worked out in accordance with the formula in that subclause does not exceed the FTB 13-15 child rate (as indexed under clause 4) that would apply on the 1 July concerned apart from this clause.

(5)
If the amount worked out under subclause (1) or (3) is not a multiple of $3.65, the amount to be substituted under that subclause is to be increased to the next highest amount that is a multiple of $3.65.

(6)
(Repealed by No 11 of 2005)

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History

Sch 4 cl 7(6) repealed by No 11 of 2005, s 3 and Sch 1 item 3, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year. Clause 7(6) formerly read:

(6) In this clause:

FTB gross supplement amount
has the meaning given by subclause 38A(3) of Schedule 1.

Sch 4 cl 7 inserted by No 59 of 2004, s 3 and Sch 1 item 8, by inserting clause 7(6) at the end, applicable in relation to family tax benefit for the 2003-2004 income year or a later income year.