Summary
Consequent on the implementation of the Carbon Pollution Reduction Scheme, the bill amends the:
Social Security Act 1991
,
Social Security (Administration) Act 1999
and
Income Tax Assessment Act 1997
to: increase pensions, income support allowances and family payments by 2.8 per cent over two years, commencing on 1 July 2011; and make adjustments to indexation arrangements;
A New Tax System (Family Assistance) Act 1999
and
A New Tax System (Family Assistance)(Administration) Act 1999
to: increase certain family tax benefit rates (FTB) additional to the usual indexation; and introduce a FTB combined supplement;
Veterans’ Entitlements Act 1986
to: increase disability, war widow and widower, and service pensions by 2.8 per cent over two years, commencing on 1 July 2011; and provide for increases to payment rates and adjustments to indexation by legislative instrument;
Military Rehabilitation and Compensation Act 2004
to increase the maximum rate weekly permanent impairment compensation, weekly compensation for wholly dependant partners and Special Rate Disability Pension by 2.8 per cent over two years, commencing on 1 July 2011; and
Income Tax Assessment Act 1936
and
Medicare Levy Act 1986
to increase the low income tax, Senior Australians tax, dependency tax, dependent spouse, housekeeper and child-housekeeper, invalid relative, and parent/parent-in-law offsets, and Medicare levy low-income thresholds.