Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision AB - Lump sum payments in arrears  

SECTION 159ZRA   ELIGIBILITY FOR REBATE  

159ZRA(1)   [ Entitlement to rebate ]  

Where:

(a) the assessable income of the taxpayer of a year of income (in this Subdivision called the ``current year'' ) includes one or more eligible lump sums; and

(b) the total arrears amount is not less than 10 % of the amount (if any) remaining after deducting that total arrears amount from the normal taxable income of the current year;

the taxpayer is entitled to a rebate of tax, in the taxpayer's assessment for the current year, of the amount (if any) calculated in accordance with this Subdivision.

159ZRA(2)   [ Natural person ]  

The rebate is only available to a natural person (otherwise than in the capacity of a trustee).