Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (2008 Budget and Other Measures) Act 2008 (63 of 2008)

Schedule 1   Income limit for family tax benefit Part B

Part 1   Main amendments

A New Tax System (Family Assistance) Act 1999

2   Before Subdivision A of Division 1 of Part 4 of Schedule 1

Insert:

Subdivision AA - When Part B rate is nil

28B When Part B rate is nil

(1) Despite Subdivisions A and B, an individual’s Part B rate is nil if the individual’s adjusted taxable income is more than $150,000.

Note: If the individual is a member of a couple, the individual’s adjusted taxable income is the higher of the individual’s adjusted taxable income and the adjusted taxable income of the individual’s partner: see clause 3 of Schedule 3.

(2) However, subclause (1) does not apply while the individual, or the individual’s partner, is receiving a social security pension, a social security benefit, a service pension or income support supplement.