Taxation (Budget 2021 and Remedial Measures) Act 2021

1: Title
This Act is the Taxation (Budget 2021 and Remedial Measures) Act 2021.
2: Commencement
1: This Act comes into force on the date on which it receives the Royal assent, except as provided in this section.
2: Sections 5 6 8(1) and (3) 9(1)
3: Section 4
4: Sections 8(2) and (4) 9(2)
5: An Order in Council made under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2(4) brought into force 1 November 2021 clause 2 Taxation (Budget 2021 and Remedial Measures) Act Commencement Order 2021 Section 2(5) inserted 28 October 2021 regulation 13 Legislation Act (Amendments to Legislation) Regulations 2021
1: Adjustments to Minimum Family Tax Credit
3: Income Tax Act 2007
Part 1 Income Tax Act 2007 2021-05-24 Income Tax Act 2007 Except section 4 (see s 2(2) for effect dates) 2021-07-01 Income Tax Act 2007 Section 4 only (see s 2(3))
4: Section ME 1 amended (Minimum family tax credit)
In section ME 1(3)﻿(a) $30,576 $31,096
5: Sections MF 4F and MF 4G repealed
Repeal sections MF 4F MF 4G
6: New sections MF 4H and MF 4I inserted
Before section MF 5
MF 4H: Calculation of instalments: 1 April 2021 to 30 June 2021
When this section applies
1: This section applies for calculating the amount of an instalment by way of tax credit under section ME 1 (Minimum family tax credit) for the period starting on 1 April 2021 and finishing on 30 June 2021. Minimum family tax credit formula: section ME 1
2: The instalments for the tax credit under section ME 1 are calculated using the formula— (prescribed amount − net family scheme income) × weekly periods ÷ 52. Definition of items in formula
3: In the formula,—
a: prescribed amount
b: net family scheme income
i: the person; or
ii: their spouse, civil union partner, or de facto partner; or
iii: the person and their spouse, civil union partner, or de facto partner:
c: weekly periods amount, civil union partner, de facto partner, entitlement period, full-time earner, minimum family tax credit, net family scheme income, relationship period, spouse, tax credit
MF 4I: Calculation of instalments: 1 July 2021 to 31 March 2022
When this section applies
1: This section applies for calculating the amount of an instalment by way of tax credit under section ME 1 (Minimum family tax credit) for the period starting on 1 July 2021 and finishing on 31 March 2022. Minimum family tax credit formula: section ME 1
2: The instalments for the tax credit under section ME 1 are calculated using the formula— (prescribed amount − net family scheme income) × weekly periods ÷ 52. Definition of items in formula
3: In the formula,—
a: prescribed amount
b: net family scheme income
i: the person; or
ii: their spouse, civil union partner, or de facto partner; or
iii: the person and their spouse, civil union partner, or de facto partner:
c: weekly periods amount, civil union partner, de facto partner, entitlement period, full-time earner, minimum family tax credit, net family scheme income, relationship period, spouse, tax credit
2: Remedial measures
7: Child Support Act 1991
Part 2 Child Support Act 1991 2021-05-24 Child Support Act 1991 Except sections 8(2) & (4), and 9(2) (see s 2(2) for effect dates) LI 2021/302 2021-11-01 Child Support Act 1991 Sections 8(2) & (4), and 9(2) brought into force
8: Section 134 amended (Penalties for late payment of financial support debts)
1: Replace section 134(2)
2: At the expiry of the due date, the penalty is the greater of the following amounts:
a: the amount of $5; and
b: an amount equal to 2% of the amount of financial support remaining unpaid at the expiry of the due date.
2: Replace section 134(2)
2: At the expiry of the due date, the penalty is an amount equal to 2% of the amount of financial support remaining unpaid at the expiry of the due date.
3: In section 134(3) 27th seventh
4: In section 134(3) seventh 27th
9: Schedule 1 amended (Application, transitional, and savings provisions relating to amendments to Act made on or after 1 April 2015)
1: Repeal schedule 1, part 4, clause 20
2: After part 4
5: Provisions relating to Taxation (Budget 2021 and Remedial Measures) Act 2021
23: Amendments to section 134 (Penalties for late payment of financial support debts)
The amendments to section 134 made by section 8(2) and (4) 2021 section 8(2) and (4)