INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision AB - Lump sum payments in arrears  

SECTION 159ZRB   159ZRB   CALCULATION OF REBATE  


The rebate is calculated in accordance with the formula:


Tax on arrears   -   Notional tax on arrears

where:

Tax on arrears is the amount by which the rebated tax on the taxable income of the current year exceeds the rebated tax on the taxable income of the current year, being that taxable income reduced by the total arrears amount;

Notional tax on arrears is the total of the notional tax amounts for the accrual years.


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