A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000 (Cth)

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

No. 53, 2000

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

No. 53, 2000

An Act to amend the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999, and for related purposes

Contents

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000

No. 53, 2000

An Act to amend the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999, and for related purposes

[Assented to 30 May 2000]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

1

Subsections 11(2) and (3)

Repeal the subsections.

2

At the end of section 15

Add:

Special rule if person’s spouse is a presently entitled beneficiary in a trust estate

1. (2)

   In working out whether subsection (1) applies to a person whose spouse is a beneficiary presently entitled to a share in the net income of a trust estate in respect of which the trustee is liable to be assessed under section 98 of the Assessment Act, assume that:

   1. (a)

      the spouse’s taxable income included that share; and

   2. (b)

      subsection 271‑105(1) in Schedule 2F to that Act did not apply in working out the net income of the trust estate.

Note: Insert before subsection 15(1) the heading “When this section applies”.

3

Paragraph 16(3)(b)

Omit “$13,389”, substitute “the family surcharge threshold”.

4

Subsection 16(5)

Repeal the subsection, substitute:

Special rule if person’s spouse is a presently entitled beneficiary in a trust estate

1. (5)

   In working out whether subsection (2) applies to a person whose spouse is a beneficiary presently entitled to a share in the net income of a trust estate in respect of which the trustee is liable to be assessed under section 98 of the Assessment Act, assume that:

   1. (a)

      the spouse’s taxable income included that share; and

   2. (b)

      subsection 271‑105(1) in Schedule 2F to that Act did not apply in working out the net income of the trust estate.

5

Application

The amendments made by this Schedule apply to assessments for the 1999‑2000 year of income and later years of income.

[Minister’s second reading speech made in—

House of Representatives on 9 March 2000

Senate on 3 April 2000]

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