Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Amendments relating to home child care allowance and dependant rebate

62   Transitional

 

(1) Subject to this section, the amount of rebate of tax to which a taxpayer is entitled, in his or her assessment for the 1994-95 year of income under section 159J of the Income Tax Assessment Act 1936 in respect of a spouse included in class 1 in the table in subsection 159J(2), is worked out using the formula:
            

Pre-29 Sep component (old law) + Post-28 Sep component (new law)

where:

"Pre-29 Sep component (old law)" means the amount of any rebate in respect of the spouse to which the taxpayer would be entitled for the year of income under section 159J on the following assumptions:

(a) that the amendments made by this Division were disregarded;

(b) that references in section 159J to the year of income were instead references to the part of the year of income before 29 September 1994;

(c) that the amounts specified in subsections 159J(1B) and (2) (as affected by section 159HA, which indexes amounts) were instead only 90/365 of those amounts;

(d) that the reference in subsection 159J(4) to $282 were instead a reference to $70;

"Post-28 Sep component (new law)" means the amount of any rebate in respect of the spouse to which the taxpayer would be entitled for the year of income under section 159J on the following assumptions:

(a) that the amendments in this Division (disregarding this section) were made;

(b) that references in section 159J to the year of income were instead references to the part of the year of income after 28 September 1994;

(c) that the amounts specified in subsection 159J(2) (as affected by section 159HA, which indexes amounts) were instead only 275/365 of those amounts;

(d) that the reference in subsection 159J(4) to $282 were instead a reference to $212.

      

(2) If, disregarding the amendments made by this Division, a taxpayer is not entitled to a rebate under section 159J of the Principal Act in his or her assessment for the 1994-95 year of income in respect of a spouse included in class 1 in the table in subsection 159J(2) of that Act, the taxpayer is not entitled to any rebate in respect of the spouse in his or her assessment for the 1994-95 year of income:
            

(a) under subsection (1) of this section; or
              

(b) under section 159J of the Principal Act as amended by this Division.