Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:3_3:p6
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 6/8)
Character Range: 177523–180165

the meaning of section 159J of the Income Tax Assessment Act 1936, in the appropriate tax year.

notional after‑tax income means the amount calculated using the formula:

notional income tax means 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 a person for the appropriate tax year if the person's taxable income were the amount obtained by dividing the notional parental income by the number of parents whose income is included in the claimant/recipient's combined parental income.

notional medicare levy means the amount of medicare levy that would be notionally payable by a married person for the appropriate tax year if:
 (a) the person's taxable income were the amount obtained by dividing the notional parental income by the number of parents whose income is included in the claimant/recipient's combined parental income; and
 (b) the person were a parent of the student, and of all the family members of the student who were children referred to in paragraph 23(15)(b); and
 (c) the student and each of those children had no separate net income, within the meaning of section 159J of the Income Tax Assessment Act 1936, in the appropriate tax year.

notional parental income means the minimum amount of the combined parental income in relation to the student for the appropriate tax year that would cause the student's youth allowance rate to be reduced to nil if the student's maximum basic rate were the amount specified in column 3 of item 1 of Table BA in point 1067G‑B2 as at 1 January of that year.

number of students means the number of persons who:
 (a) are included in the group of persons constituted by the student and his or her family members; and
 (b) are secondary students; and
 (c) receive youth allowance; and
 (d) are not independent; and
 (e) are required to live away from home.

parental income means the minimum amount of the combined parental income in relation to the student for the appropriate tax year that would cause the student's youth allowance rate to be reduced to nil if the student's maximum basic rate were the amount specified in column 3 of item 3 of Table BA in point 1067G‑B2 as at 1 January of that year.

Powers of Secretary to determine fair market value

 1067G‑G12(1)  If the Secretary 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