Document ID: chunk:federal_register_of_legislation:C2004A04954:body:0:p23
Version: federal_register_of_legislation:C2004A04954
Segment Type: other
Provision Reference: 
Character Range: 60750–63570

"C2. The amount of an earnings credit for an earnings credit accounting period is $60.

Note: This is the amount of the ordinary income free area. See Point G15 of Part 2 of Schedule 1.".

23. Point D1 in Module D in Schedule 4:

Omit "subsection 222(1)", substitute "section 222".

24. Point D2 in Module D in Schedule 4:

Omit the point.
_____________

SCHEDULE 13 Section 4

AMENDMENTS OF THE SOCIAL SECURITY ACT 1991 RELATING TO SUPERANNUATION PENSIONS

1. Subsection 9(1) (definition of "superannuation fund"):

Omit the definition, substitute:

" 'superannuation fund' means:

    (a) a fund or scheme included in the definition of 'superannuation fund' in subsection 27A(1) of the Income Tax Assessment Act, other than a fund covered by subparagraph (a) (ia) of that definition; or

    (b) an eligible resident non-complying superannuation fund within the meaning of the Income Tax Assessment Act;".

2. Section 1099:

    (a) After "superannuation pension" (first occurring) insert "payable from a superannuation fund".

    (b) Add at the end:

       "Note: Superannuation funds, as defined in subsection 9(1), do not include non-resident superannuation funds. Consequently, income from a pension payable from a non-resident superannuation fund is not reduced by the deductible amount.".

3. Application

In relation to a period-based payment, the amendments made by this Schedule apply to income in respect of a fortnight that commences after the commencement of this Schedule.

_____________

SCHEDULE 14 Section 4

AMENDMENTS OF THE SOCIAL SECURITY ACT 1991 RELATING TO NATIVE TITLE RIGHTS AND INTERESTS

1. After paragraph J118(l)(s):

Insert:

   " ; (t) the value of any native title rights and interests of the person, or of a community or group of which the person is a member.".

2. After subsection 1118(1):

Insert:

"(1A) In this section:

'native title rights and interests' means:

(a) native title rights and interests within the meaning of section 223 of the Native Title Act 1993;

    (b) any rights and interests of a similar nature under any law of a State, a Territory or a foreign country (whether or not the rights and interests relate to land or waters outside Australia);

but, to avoid any doubt, does not include any right or interest in a lease or licence, or in a freehold estate.".

_____________

SCHEDULE 15 Section 4

AMENDMENTS OF THE SOCIAL SECURITY ACT 1991 RELATING TO LOAN FRINGE BENEFITS

1. Subpoint 1067E-K16(2):

Omit the subpoint, substitute:

"(2) The notional rate of interest for the fringe benefits year ending on 31 March 1996 is:

(a) 6.95% for a housing loan; and

(b) 11.75% for any other loan.

"(2A) The notional rate of interest for any subsequent fringe benefits year is the market rate of interest for 1 April in that year.

"(2B) For the purposes of