Commonwealth: 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 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on which it receives the Royal Assent. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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)