Income Tax Regulations 1936 [ Repealed]

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

Division 1A - Rebate under sections 160AAAA and 160AAAB of the Act  

REGULATION 150AB   ELIGIBILITY - AMOUNT OF REBATE INCOME  

150AB(1)  
For subsection 160AAAA(3) or 160AAAB(3) of the Act, the amount mentioned is:


rebate amount
    0.125    
+ taxpayer ' s rebate
    threshold

150AB(2)  
A taxpayer ' s rebate amount for a year of income is the amount in the relevant item in the following table:


Table
Table
Item Class of person Rebate amount
1 Single person $2   230
2 Member of a couple $1   602
3 Member of an illness-separated couple $2   040

150AB(2A)  
(Repealed by SLI No 167 of 2006)

150AB(2B)  
If, in a year of income, more than one item in the table in subregulation (2) applies to a taxpayer, the taxpayer ' s rebate amount is the amount that gives the taxpayer the greatest rebate entitlement.

150AB(3)  
If subregulation (3A) does not apply, a taxpayer ' s rebate threshold for a year of income is the amount calculated using the formula:


D   + ( E+F )
C

where:

D
is the tax-free threshold.

E
is the maximum amount of rebate allowable under section 159N of the Act.

F
is the taxpayer ' s rebate amount for the year of income.

Note:

The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF .

C
is the lowest marginal tax rate.

Note:

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

150AB(3A)  
If the taxpayer ' s rebate threshold, if it were calculated using the formula in subregulation (3), would be an amount that is greater than the amount at which the rebate of tax under section 159N of the Act is reduced, the taxpayer ' s rebate threshold for a year of income is the amount calculated using the formula:


(C × D) + E + F + G (H + I - C)
H + I

where:

C
is the lowest marginal tax rate.

D
is the tax-free threshold.

E
is the maximum amount of rebate allowable under section 159N of the Act.

F
is the taxpayer ' s rebate amount for the year of income.

Note:

The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF .

G
is the amount at which the rebate of tax under section 159N of the Act is reduced.

H
is the rate at which the rebate of tax under subsection 159N(2) of the Act is reduced, expressed as a decimal fraction.

I
is the second lowest marginal tax rate, expressed as a decimal fraction.

Note:

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

150AB(4)  
If an amount worked out under subregulation (1), (2), (3) or (3A) is not an amount of whole dollars, the amount must be rounded up to the nearest whole dollar.

150AB(5)  
In this regulation:

illness separated couple
has the same meaning as in subsection 4(7) of the Social Security Act 1991 .

member of a couple
has the same meaning as in:


(a) the Social Security Act 1991 ; or


(b) the Veteran ' s Entitlements Act 1986 .

single person
means a person who, at any time in the year of income, is not the spouse of another person.




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