Summary

Amends the: A New Tax System (Family Assistance) Act 1999 to: increase the lower income threshold for family tax benefit (FTB) Part A; and amend the definition of “returns to paid work” to ensure that the FTB Part B income test operates as intended where an individual returns to work after the birth of a child; A New Tax System (Family Assistance) (Administration) Act 1999 to: introduce default income estimates for family tax benefit and child care benefit purposes where a reasonable estimate for the current income year has not been provided; align the current methods for recovery of child care benefits with those for FTB debts; and enable the redistribution of child care places from a low demand area to an area where places are needed; Social Security (Administration) Act 1999 to allow a maximum carer allowance backdating period of 12 weeks; A New Tax System (Family Assistance) Act 1999 and Social Security Act 1991 to extend the period of overseas portability of a person’s social security payments and FTB in certain circumstances; Social Security Act 1991 to facilitate the operation of the income stream rules; and allow certain non-superannuation annuities to be split pursuant to a divorce property settlement; and Social Security Act 1991 and Veterans’ Entitlements Act 1986 to extend the term of market-linked income streams and life expectancy income streams; and allow annual market-linked income stream payments to vary between plus or minus 10 per cent.