A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 1 - Family Tax Benefit Rate Calculator  

Note: See subsection 58(1) .

Part 5 - Common provisions  

Division 4 - Reduction for family tax benefit advance  

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History

Div 4 inserted by No 53 of 2011, s 3 and Sch 1 item 8, applicable to family tax benefit advances requested on or after 1 July 2011. For transitional provision, see note under Sch 1 cl 5 .

41   Standard reduction  

(1)    
Subject to subclause (2), the standard reduction for a family tax benefit advance is the amount worked out using the following formula:

Original amount of the family tax benefit advance Original repayment period

× 365

Member of a couple in a blended family

(2)    
If a determination under section 28 that an individual is eligible for a percentage (the section 28 percentage ) of the family tax benefit for FTB children of the individual is in force, the standard reduction for a family tax benefit advance paid to the individual is the amount worked out using the following formula:

Amount worked out under subclause (1) Section 28 percentage

Meaning of original repayment period

(3)    
The original repayment period for a family tax benefit advance is a period of 182 days, unless the Secretary has determined a different period for the advance under clause 42 or 51 .

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History

Sch 1 cl 41 inserted by No 53 of 2011, s 3 and Sch 1 item 8, applicable to family tax benefit advances requested on or after 1 July 2011. For transitional provision, see note under Sch 1 cl 5 .

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