Income Tax Regulations 1936 (Repealed)

Pt 8 heading substituted by SLI No 91 of 2012, reg 3 and Sch 1 item 1, effective 1 July 2012. The heading formerly read:

PART 8 - REBATE FOR LOW INCOME AGED PERSONS AND IN RESPECT OF CERTAIN PENSIONS AND BENEFITS

Pt 8, formerly Pt VII, inserted and renumbered by SR No 192 of 1990.

Div 3 heading substituted by SLI No 91 of 2012, reg 3 and Sch 1 item 23, effective 1 July 2012. The heading formerly read:

Division 3 - Rebate in respect of certain benefits

Div 3 heading inserted by SR No 150 of 1996.

Reg 152(1) amended by SLI No 39 of 2015, reg 4 and Sch 1 item 21, by omitting " commencing on or after 1 July 2003 " after " taxpayer of a year of income " , effective 1 July 2015.

Reg 152(2) substituted by SLI No 91 of 2012, reg 3 and Sch 1 item 24, effective 1 July 2012. Reg 152(2) formerly read:

152(2)
If the taxpayer ' s benefit amount is less than or equal to the threshold at the upper conclusion of the lowest marginal tax rate, the formula is:

	A × [ B − C ]

where:

A
is the lowest marginal tax rate.

B
is the taxpayer ' s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

C
is the tax-free threshold.

Note:

For lowest marginal tax rate and tax-free threshold - see regulation 148 .

S 152(3) substituted by SLI No 91 of 2012, reg 3 and Sch 1 item 24, effective 1 July 2012. Reg 152(3) formerly read:

152(3)
If the taxpayer ' s benefit amount is greater than the threshold at the upper conclusion of the lowest marginal tax rate, the formula is:

	A × [ B − C ] + D × [ B − E ]

where:

A
is the lowest marginal tax rate.

B
is the taxpayer ' s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

C
is the tax-free threshold.

D
is the rate that is calculated by subtracting the lowest marginal tax rate from the rate that is the second lowest marginal tax rate (expressed as a decimal fraction).

E
is the threshold at the upper conclusion of the lowest marginal tax rate.

Note:

For lowest marginal tax rate and tax-free threshold - see regulation 148 .

Reg 152 substituted by SLI No 167 of 2006, reg 3 and Sch 1 item 6, effective 1 July 2006. Reg 152 formerly read:

REGULATION 152 REBATE OF TAX IN RESPECT OF REBATABLE BENEFITS  
152(1)
If the assessable income of a taxpayer of a year of income commencing on or after 1 July 2003 includes an amount of rebatable benefit, the taxpayer is entitled in the taxpayer ' s assessment in respect of income of that year of income to a rebate of tax of the amount calculated using the formula:

(a) if the taxpayer ' s benefit amount is not more than $21 600:

A   ×   [B   −   C];

or

(b) if the taxpayer ' s benefit amount is more than $21 600:

A   ×   [B   −   C]   +   0.15   ×   [B   −   $21 600];

where:

A is the lowest marginal tax rate.

B is the taxpayer ' s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

C is the tax-free threshold.

Note:

lowest marginal tax rate and tax-free threshold are defined in regulation 148 .

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History

Reg 152(1)(b) amended by SLI No 161 of 2005, reg 3 and Sch 1 item 2, by substituting " 0.15 " for " 0.13 " in the formula, applicable in relation to assessments of income for the income year 2005-2006 and later income years.

Reg 152(1) amended by SR No 262 of 2003, SR No 90 of 2000; amended and renumbered by SR No 148 of 1997.

152(2)
If an amount worked out under subregulation (1) is not an amount of whole dollars, the amount must be rounded up to the nearest whole dollar.

Reg 152 amended by SR No 148 of 1997, substituted by SR No 345 of 1996 and amended by SR No 216 of 1992.