Clause 10
Amendment of section 39
of Income Tax (Amendment) Bill
BillNot in forceProvision 10 of 24
Clause 10
Section 39 of the principal Act is amended —
(a)
by deleting “$4,500” in subsection (2)(i)(A) and substituting “$5,000”;
(b)
by deleting the words “his or his parent’s retirement account” in the 5th line of subsection (3) and substituting the words “his, his parent’s or his grandparent’s retirement account”;
(c)
by deleting the words “his and his parent’s retirement accounts” in the 2nd and 3rd lines of subsection (4) and substituting the words “his, his parent’s and his grandparent’s retirement accounts”; and
(d)
by inserting, immediately after the words “same parent” in the 5th line of subsection (4), the words “or grandparent”.