A New Tax System (Family Assistance) Act 1999
Schedules
Schedule 1 - Family Tax Benefit Rate Calculator
Note: See subsection 58(1) .
Part 1 - Overall rate calculation process
1 Overall rate calculation process
(1)
To work out an individual
'
s annual rate of family tax benefit, add:
(a)
the individual
'
s Part A rate calculated under Part
2
(clauses 3 to 24S) , Part
3
(clauses
25
to
28
) or Part
3A
(clause
28A
); and
(b)
the individual
'
s Part B rate calculated under Part
4
(clauses 28B to 33).
(2)
To work out the individual
'
s Part A rate:
(a)
use Part
2
(clauses 3 to 24S) if the individual has at least one FTB child and:
(i) the individual ' s adjusted taxable income does not exceed the individual ' s higher income free area; or
(ii) the individual, or the individual ' s partner, is receiving a social security pension, a social security benefit, a service pension, income support supplement or a veteran payment; and
(b)
use Part
3
(clauses 25 to 28) if the individual has at least one FTB child and:
(i) the individual ' s adjusted taxable income exceeds the individual ' s higher income free area; and
(ii) neither the individual, nor the individual ' s partner, is receiving a social security pension, a social security benefit, a service pension, income support supplement or a veteran payment.
(c)
use Part
3A
(clause 28A) if the individual has no FTB children.
Use Schedule 3 to work out the individual ' s adjusted taxable income. Use clause 2 to work out the individual ' s higher income free area.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.