A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 1 - Family Tax Benefit Rate Calculator  

Note: See subsection 58(1) .

Part 3 - Part A rate (Method 2)  

Division 1 - Overall rate calculation process  

25D  

25D   Working out the Method 2 income and maintenance tested rate  
In applying step 3 of the method statement in clause 25 , step 2 of the method statement in clause 3 is taken to be replaced with the following:

Step 2.

Subtract the individual ' s income free area (worked out under clause 38N ) from the individual ' s higher income free area (worked out under clause 2 ).

Step 2A.

Work out 20% of the amount at step 2.

Step 2B.

Subtract the individual ' s higher income free area (worked out under clause 2 ) from the individual ' s adjusted taxable income.

Step 2C.

Work out 30% of the amount at step 2B .

Step 2D.

The individual ' s reduction for adjusted taxable income is the sum of the amounts at steps 2A and 2C . Take that reduction away from the individual ' s maximum rate: the result is the individual ' s income tested rate .

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History

Sch 1 cl 25D inserted by No 168 of 2018, s 3 and Sch 5 item 10, applicable in relation to working out the Part A rate of family tax benefit for days on or after 1 July 2019.

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