Taxation Laws Amendment (Changes for Senior Australians) Act 2001 (Cth)

Taxation Laws Amendment (Changes for Senior Australians) Act 2001

No. 44, 2001

Taxation Laws Amendment (Changes for Senior Australians) Act 2001

No. 44, 2001

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................

Schedule 1—Low income rebates Income Tax Assessment Act 1936

Schedule 2—Medicare levy thresholds Medicare Levy Act 1986

Schedule 3—Exemption of certain payments Income Tax Assessment Act 1997

Taxation Laws Amendment (Changes for Senior Australians) Act 2001

No. 44, 2001

An Act to amend the law relating to taxation, and for related purposes

[Assented to 25 May 2001]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws Amendment (Changes for Senior Australians) Act 2001.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

Income Tax Assessment Act 1936

1 Subsection 160AAAA(2) Repeal the subsection, substitute:

(2) The first condition is that, on at least one day during the year of income, either: (a) the taxpayer: (i) is in receipt of a pension, allowance or benefit under the Veterans' Entitlements Act 1986 (other than Part VII); and (i) has reached pension age, within the meaning of the Veterans' Entitlements Act 1986; or (b) the taxpayer: (i) has reached pension age, within the meaning of the Social Security Act 1991; and (ii) has 10 years qualifying Australian residence or has a qualifying residence exemption for an age pension, within the meaning of the Social Security Act 1991; and (iii) is not in gaol.