Section MB 11 — Income Tax Act 2007: Family scheme income from amounts derived by dependent children

MB 11 Family scheme income from amounts derived by dependent children When this section applies (1) This section applies for the purpose of determining the amount that represents the family scheme income of a person for an income year when the person is a principal caregiver of a dependent child and the dependent child derives in the income year an amount that is— (a) resident passive income: (b) a royalty: (c) rent: (d) beneficiary income that is not an amount referred to in section HC 35(4)(b)(i), (ii), or (v) (Beneficiary income of minors): (e) attributed income from a portfolio investment entity that is not a superannuation fund or retirement savings scheme: (f) a distribution from a listed PIE. Amount included in family scheme income (2) If the total of amounts derived by the dependent child in the income year and referred to in subsection (1) is more than $500, the family scheme income of the person for the income year includes an amount calculated using the formula— child's amounts − $500 principal caregivers. Definitions of items in formula (3) In the formula,— (a) child's amounts is the total of amounts— (i) derived by the dependent child in the income year; and (ii) referred to in subsection (1): (b) principal caregivers is the number of people who are each a principal caregiver of the child. Defined in this Act: beneficiary income , dependent child , excluded income , family scheme income , income year , listed PIE , portfolio investment entity , principal caregiver , resident passive income , retirement savings scheme , royalty , superannuation fund Section MB 11: added, on 1 April 2011, by section 112 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section MB 11(1): amended (with effect on 1 April 2011), on 29 August 2011, by section 107(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section MB 11(2) heading: substituted (with effect on 1 April 2011), on 29 August 2011, pursuant to section 107(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section MB 11(2): substituted (with effect on 1 April 2011), on 29 August 2011, by section 107(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section MB 11(3) heading: added (with effect on 1 April 2011), on 29 August 2011, by section 107(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section MB 11(3): added (with effect on 1 April 2011), on 29 August 2011, by section 107(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section MB 11 list of defined terms principal caregiver : inserted (with effect on 1 April 2011), on 29 August 2011, by section 107(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).