INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision A - Concessional rebates  

SECTION 159N   REBATE FOR CERTAIN LOW-INCOME TAXPAYERS  

159N(1)  


If a taxpayer ' s taxable income of a year of income is less than $66,667, the taxpayer is entitled to a rebate of tax in the taxpayer ' s assessment for the year of income.

159N(2)  


The amount of the rebate is $445, reduced by 1.5 cents for every $1 of the amount (if any) by which the taxpayer ' s taxable income of the year of income exceeds $37,000.

159N(2A)  


Subsection (1) does not apply for the 2022-23 year of income or a later year of income.
Note:

This section will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .

No rebate in respect of income of certain children

159N(3)  


Subsections (4) and (5) apply if the taxpayer is a prescribed person in relation to the year of income for the purpose of Division 6AA of Part III .

159N(4)  


Do not apply the rebate against the part (if any) of the taxpayer ' s basic income tax liability that is attributable to the taxpayer ' s eligible taxable income for the year of income.

159N(5)  


If the taxpayer is entitled to the tax offset mentioned in item 15 of the table in subsection 63-10(1) of the Income Tax Assessment Act 1997 (tax offset in respect of certain pensions) for the year of income, treat that tax offset as being applied, to the extent possible, against the part of the taxpayer ' s basic income tax liability mentioned in subsection (4) of this section. Rebate for a trustee assessed under section 98

159N(6)  


A trustee who is liable to be assessed under section 98 in respect of a share of the net income of a trust estate in respect of a beneficiary is not entitled under this section to a rebate of tax in their assessment for the year of income to the extent Division 6AA applies to that share.

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