Summary

Amends: the A New Tax System (Family Assistance) Act 1999 and Social Security Act 1991 to: pause indexation on certain income free and income test free areas and thresholds for three years from 1 July 2015; index parenting payment single to the consumer price index; and pause indexation of income free areas and other means-test thresholds for student payments, including student income bank limits; the A New Tax System (Family Assistance) Act 1999: to maintain the standard family tax benefit (FTB) child rates for two years in the maximum and base rate of FTB Part A and the maximum rate of FTB Part B from 1 July 2015; and in relation to FTB (from 1 July 2015) by: revising end-of-year supplements to their original values and ceasing indexation; reducing the primary earner income limit; limiting FTB Part B; and introducing a single parent supplement; the Social Security Act 1991 to: extend and simplify the ordinary waiting period for all working age payments from 1 January 2015; extend youth allowance (other) to 22 to 24 year olds in lieu of newstart allowance and sickness allowance from 1 January 2015; and provide for 26-week waiting periods and non-payment periods from 1 January 2015; the Social Security Act 1991 and Social Security (Administration) Act 1999 to abolish the pensioner education supplement from 1 January 2015; the Social Security Act 1991, Social Security (Administration) Act 1999 and Veterans’ Entitlements Act 1986 to abolish the education entry payment from 1 January 2015; the Veterans’ Entitlements Act 1986 to remove the three months’ backdating of disability pension from 1 January 2015; and five Acts to make consequential amendments.