Explanatory Memorandum
(Circulated by the authority of the Minister for Finance and Administration, Senator the Hon Nick Minchin)Schedule 7 - Amendment of other Acts
Income Tax Assessment Act 1936
3. Item 1 amends subsection 24AJ(1) of the Income Tax Assessment Act 1936 to confirm that any payment under the scheme established under the 2005 Bill, including a benefit payment, is subject to that Act. This is consistent with section 22 of the 2005 Bill which also applies the Income Tax Assessment Act 1997 to the PSSAP Fund and the PSS Board in so far as it performs functions, or exercises powers in relation to the PSSAP or PSSAP Fund.
Income Tax Assessment Act 1997
4. Item 2 amends subsection 55-5(1) of the Income Tax Assessment Act 1997 to confirm that any payment under the scheme established under the 2005 Bill or a provision of that Bill, including a benefit payment, is subject to that Act. This is consistent with section 22 of the 2005 Bill which also applies the Income Tax Assessment Act 1997 to the PSSAP Fund and the PSS Board in so far as it performs functions, or exercises powers in relation to the PSSAP or PSSAP Fund.
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