Revised Explanatory Memorandum
(Circulated by authority of the Minister for Social Services, the Hon Christian Porter MP)Outline
This Bill will introduce one of a package of reforms to family tax benefit Part B. The remaining reforms in the package have been removed from this Bill and will be reintroduced with certain modifications in a separate Bill.
Under this Bill, family tax benefit Part B will be removed from 1 July 2016 for couple families (other than grandparents and great-grandparents) with a youngest child aged 13 or over. Single parents, grandparents and great-grandparents caring for a youngest child aged 13 to 18 will continue to have access to family tax benefit Part B (subject to satisfying other relevant requirements).
Financial impact statement
The revised financial impact of the reforms to family tax benefit Part B in this Bill is a saving of $525.5 million over the forward estimates (indicative, fiscal balance, whole of Government).
Statements of compatibility with human rights
The statement of compatibility with human rights appears at the end of this explanatory memorandum.