Supplementary Explanatory Memorandum
Circulated by the authority of the Treasurer, the Hon Wayne Swan MPGeneral outline and financial impact
AMENDMENTS 2 AND 3
Amendments 2 and 3 add Schedules 12 and 13 to the Bill. These Schedules were previously Schedules 3 and 4 to the Tax Laws Amendment (2008 Measures No. 3) Bill 2008.
Income tax treatment of rent assistance paid to Austudy recipients
Schedule 12 amends the Income Tax Assessment Act 1997 to exempt rent assistance paid to Austudy recipients from income tax.
Date of effect : This measure applies to rent assistance paid to Austudy recipients in the 2007-08 income year and later income years.
Proposal announced : This measure has not previously been announced.
Financial impact : Nil.
Compliance cost impact : Nil.
Income tax treatment of the Carer Adjustment Payment
Schedule 13 amends the Income Tax Assessment Act 1997 to exempt the Carer Adjustment Payment from income tax.
Date of effect : This measure applies to Carer Adjustment Payments paid in the 2007-08 income year and later income years.
Proposal announced : This measure has not previously been announced.
Financial impact : Nil.
Compliance cost impact : Nil.
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