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

2 0 2000-05-30T10:30:00Z 2007-11-14T00:41:00Z 2007-11-14T00:41:00Z 8 468 2674 78848 22 6 3136 10.6817         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 1   Short title ................................... 2   Commencement ............................... 3   Schedule(s) .................................. Schedule 1—A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999   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: 1   Short title     This Act may be cited as the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Amendment Act 2000 . 2   Commencement     This Act commences on the day on which it receives the Royal Assent. 3   Schedule(s)     Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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   (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:   (a)   the spouse’s taxable income included that share; and   (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   (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:   (a)   the spouse’s taxable income included that share; and   (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 ]   (30/00)