Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:3_3:p8
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 8/8)
Character Range: 182312–183874

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 the parents of the claimant/recipient for the appropriate tax year under section 20C (without regard to section 20K) of the Income Tax Rates Act 1986.

TNITML (total notional income tax/medicare levy) means the total of the amounts of NITML in relation to each of the parents of the claimant/recipient for the appropriate tax year.

Submodule 5—Family actual means free area

Family actual means free area

 1067G‑G14 A person's family actual means free area is the amount that is the person's parental income free area worked out under Submodule 5 of Module F.

Submodule 6—Reduction for family actual means

Reduction for family actual means

 1067G‑G15(1)  A person's reduction for family actual means for the appropriate tax year is the amount obtained by dividing by 26 the person's family actual means excess for that year.

 (2) A person's family actual means excess for the appropriate tax year is the amount worked out using the formula:
where:

actual family means means the actual means of the person's family for that year.

actual means free area means the person's family actual means free area.

 (3) If the amount worked out under subsection (2) is an amount of dollars and cents, disregard the amount of cents.

 (4) If the amount worked out under subsection (2) is less than $1, the amount is taken to be nil.