Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:3_3:p7
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 7/8)
Character Range: 179936–182544

considers that an amount of spending that would otherwise be included in the actual means of a relevant person does not represent the fair market value of the matter or thing to which the spending related:
 (a) the Secretary must determine the fair market value of the matter or thing; and
 (b) an amount equal to the value so determined is taken to be the amount of the spending.

 (2) If the Secretary considers that spending by a person other than a family member of a relevant person is spending for the benefit of the relevant person:
 (a) the Secretary must determine the fair market value of the matter or thing to which the spending related; and
 (b) an amount equal to the value so determined is taken to be an amount of spending by the relevant person.

Actual means of family of claimant/recipient

1067G‑G13(1)  The actual means of the family of a claimant/recipient for the appropriate tax year is the amount worked out using the formula:

 (2) In this section:

after‑tax income, in relation to a parent of the claimant/recipient for the appropriate tax year, means the gross income of the parent for that year less any income tax or medicare levy payable in respect of the parent's taxable income for that year.

GAM (gross actual means), in relation to the claimant/recipient's family for the appropriate tax year, means the total of the amounts of the actual means, for that year, of the claimant/recipient and of each of the family members of the claimant/recipient.

NITML (notional income tax/medicare levy), in relation to a parent of the claimant/recipient for the appropriate tax year, means the sum of:
 (a) the amount of income tax, before any rebates, and without regard to any increase occurring in the tax free threshold because of section 20C or 20D of the Income Tax Rates Act 1986 that would be notionally payable by the parent for that year; and
 (b) the amount of medicare levy that would be notionally payable by the parent for that year if none of the parent's children who are children referred to in paragraph 23(15)(b) had a separate net income within the meaning of section 159J of the Income Tax Assessment Act 1936 in that year;
that would result in the after‑tax income of the parent for that year being an amount equal to one‑half of GAM of the claimant/recipient's family for that year.

NPBL (net passive business loss) means the sum of the net passive business losses (if any) of each of the parents of the claimant/recipient in the appropriate tax year.

TFTI (tax‑free threshold increase) means 20% of the total of the amounts calculated in respect of each of