Summary
Amends the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to introduce the first child tax refund (baby bonus) which provides for a refundable tax offset, of a minimum of $500 and up to $2 500 per annum, for a maximum period of 5 years, for parents following the birth, adoption or legal guardianship of a child on or after 1 July 2001.