SECTION 16
REBATES OF EXCESS TAX ON INCOME INCLUDED IN ASSESSABLE INCOME
16(1)
[Application of section]
This section applies in relation to each relevant part of a taxpayer
'
s income of the year of income that consists of income in respect of which a provision of an agreement limits the amount of Australian tax payable.
16(2)
[Calculation of rebate]
The taxpayer is entitled, in respect of each relevant part of the taxpayer
'
s income of the year of income to which this section applies, to a rebate of the amount (if any) by which the amount ascertained in accordance with the last preceding section as the amount of Australian tax payable in respect of that part exceeds the limit applicable under the provisions of the agreement in relation to that part.
History
S 16(2) amended by No 73 of 2008, s 3 and Sch 4 item 360, by substituting
"
the taxpayer
'
s
"
for
"
his
"
, effective 4 July 2008.
16(3)
[Rebate allowed in the assessment]
The rebate to which a taxpayer is entitled under this section in respect of a relevant part of the taxpayer
'
s income shall be allowed in the taxpayer
'
s assessment in respect of income of the year of income in the assessable income of which that part is included.
History
S 16(3) amended by No 73 of 2008, s 3 and Sch 4 item 361, by substituting
"
the taxpayer
'
s
"
for
"
his
"
(wherever occurring), effective 4 July 2008.
16(4)
[
Rebate must not exceed tax payable]
A rebate, or the sum of the rebates, a taxpayer is entitled to under subsection (2), in respect of income of a year of income, must not exceed the amount of Australian tax payable in respect of the taxpayer
'
s taxable income of that year after all other rebates of, and deductions from, that tax have been taken into account.
History
S 16(4) substituted for s 16(4) and (5) by No 88 of 2009, s 3 and Sch 5 item 342, effective 18 September 2009. S 16(4) formerly read:
16(4)
Where the taxpayer is liable to pay additional tax under section
104
of the Assessment Act in relation to the year of income referred to in subsection (3), so much of the rebate as is not allowed in the assessment referred to in that subsection shall be allowed in the assessment of the additional tax.
S 16(4) amended by No 129 of 1974.
16(5)
(Repealed by No 88 of 2009)
History
S 16(4) substituted for s 16(4) and (5) by No 88 of 2009, s 3 and Sch 5 item 342, effective 18 September 2009. S 16(5) formerly read:
16(5)
A rebate, or the sum of the rebates, to which, under subsection (2), a taxpayer is entitled in respect of income of a year of income shall not exceed the sum of:
(a)
the amount of Australian tax payable in respect of the taxpayer
'
s taxable income of that year of income after all other rebates of, and deductions from, that tax have been taken into account; and
(b)
the amount, if any, of additional tax payable by the taxpayer under section
104
of the Assessment Act in relation to that year of income.
S 16(5) amended by No 73 of 2008, s 3 and Sch 4 items 362 and 363, by substituting
"
the taxpayer
'
s
"
for
"
his
"
in para (a) and substituting
"
the taxpayer
"
for
"
him
"
in para (b), effective 4 July 2008.
S 16(5) amended by No 129 of 1974.
View history note
Hide history note