Clean Energy (Tax Laws Amendments) Act 2011 (159 of 2011)
Schedule 1 Low-income tax offset
Part 1 Amendments applying from the 2012-13 year of income
Income Tax Assessment Act 1936
2 Subsection 159N(2)
Repeal the subsection, substitute:
(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.