A NEW TAX SYSTEM (FAMILY ASSISTANCE) (CONSEQUENTIAL AND RELATED MEASURES) ACT (NO 2) 1999 (REPEALED)

SCHEDULE 1 - SOCIAL SECURITY ACT 1991  

PART 1 - AMENDMENTS RELATING TO FAMILY ALLOWANCE  

61   At the end of section 1061P  
Add:

(3)
A person ' s daily rate of family tax benefit is calculated in accordance with the following formula and then rounded in accordance with subsection 58(3) of the Family Assistance Act:

Maximum rate of FTB − Base rate of FTB

365

where:

base rate of FTB
means the base rate of family tax benefit for the person under clause 4 of Schedule 1 to the Family Assistance Act.

maximum rate of FTB
means the maximum rate of family tax benefit for the person under step 1 of clause 3 of Schedule 1 to the Family Assistance Act.