House of Representatives

INCOME TAX RATES AMENDMENT (FAMILY TAX INITIATIVE) BILL 1996

Explanatory Memorandum

(Circulated by the authority of the Treasurer,the Hon Peter Costello)

Glossary

Assessment Act Income Tax Assessment Act 1936
Rates Act Income Tax Rates Act 1986
SSA91 Social Security Act 1991
FTA Family Tax Assistance
FTA benefit the increase in tax-free threshold or reduction in tax rate as a result of the application of the FTA
Part A benefit the $1,000 increase in the tax-free threshEe threshold for certain taxpayers
Part B benefit the $2,500 increase in the tax-free threshold for certain taxpayers with a dependant child under 5
FTP Family Tax Payments under Part 2.17AA of the Social Security Act 1991
References to sections in the EM are references to sections in the proposed new Division 5 of Part II of the Rates Act, unless otherwise indicated.

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