Document ID: chunk:federal_register_of_legislation:C2004A04616:front:0:p10
Version: federal_register_of_legislation:C2004A04616
Segment Type: other
Provision Reference: 
Character Range: 23430–26117

or held an interest in land or in a stratum unit as purchaser of a right to be granted a lease of the land or of the stratum unit under an agreement; and

     (b) the agreement provides or provided for payment of the purchase price, or a part of the purchase price, for the lease to be made at a future time or by instalments; and

     (c) the Secretary is satisfied that the lease will give reasonable security of tenure, to the lessee for a period of, or for periods aggregating, 10 years or more;

the person is taken to acquire or hold, or to have held, a prescribed interest in that land or stratum unit.

Two or more persons acquiring or holding interest under subsection (11), (12) or (13)

  "(14) If:

    (a) 2 or more persons acquire, hold or held an interest referred to in paragraph (11)(a), (12)(a) or (13)(a) in land or in a stratum unit as joint tenants or tenants in common; and

    (b) paragraph (11)(b) or (12)(b) or paragraphs (13)(b) and (c) are satisfied;

those persons are taken to acquire or hold, or to have held, a prescribed interest in that land or stratum unit.".

Benefit Rate Calculator A

  5. The Rate Calculator in section 1067 of the Principal Act is amended:

     (a) by omitting Steps 7 and 8 from the Method statement in point 1067-G1 and substituting the following Steps:

           "

           Step 7. Work out the amount of the person's combined parental fringe benefits value for the appropriate tax year using points 1067-G14A to 1067-G14C.

           Step 8. Work out the parental fringe benefits value free area using point 1067-G14D.

           Step 9. Work out the person's parental adjusted fringe benefits value using points 1067-G14E and 1067-G14F.

           Step 10. Add the amount obtained in Step 6 and the amount obtained in Step 9: the result is called the parental adjusted income.

           Step 11. Work out the amount of the parental income free area limit using points 1067-G16 to 1067-G18.

           Step 12. Take the limit away from the parental adjusted income: the result is called the annual parental income excess.

           ";

    (b) by renumbering Steps 9 to 11 of the Method statement in point 1067-G1 as Steps 13 to 15;

  (c) by adding at the end of point 1067-G1 the following Note:

           "Note 2: It is only assessable fringe benefits that are used to work out the person's combined parental fringe benefits value. An assessable fringe benefit is a fringe benefit that is a car benefit, school fees benefit, health insurance benefit, loan benefit or housing benefit. However, if one of these kinds of benefits is an exempt benefit, it is not an assessable fringe benefit. For 'assessable