Federal Register of Legislation
Taxation Laws Amendment (Baby Bonus) Act 2002
No. 32, 2002
An Act to amend the law relating to taxation, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s).................................. 4 Application..................................
Schedule 1—Income Tax Assessment Act 1997
Schedule 2—Income Tax Assessment Act 1936
Taxation Laws Amendment (Baby Bonus) Act 2002
No. 32, 2002
An Act to amend the law relating to taxation, and for related purposes
[Assented to 30 May 2002]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Taxation Laws Amendment (Baby Bonus) Act 2002.
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4 Application
The amendments made by this Act apply to assessments for the 2001‑02 income year and later income years.
Schedule 1—Income Tax Assessment Act 1997
1 Section 13‑1 (table item headed "child") Before: hardship..................................................................... 102AJ
insert: first child..................................................... Subdivision 61‑I
2 Section 61‑345 (link note) Repeal the link note, substitute:
Subdivision 61‑I—First child tax offset (baby bonus)
Guide to Subdivision 61‑I
61‑350 What this Subdivision is about
You are entitled to a tax offset for your first child, for income years up to and including the year the child turns 5, if you meet certain conditions. The amount of the offset is usually based on your tax liability in the year before you became responsible for the child, and on a comparison between your taxable income in that year and the year you are claiming for. However, if you are a low income taxpayer, a minimum offset will generally be available. Instead of claiming the offset yourself, you may transfer your entitlement to your spouse.
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