Income Tax Assessment Act 1936

Subdiv AAA repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years.

Subdiv AAA inserted by No 105 of 1989.

S 159SA repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years. S 159SA formerly read:

SECTION 159SA REBATE TO ENSURE UPPER LIMIT ON TAX ON ELIGIBLE ASSESSABLE INCOME  
159SA(1) [Entitlement to rebate]  

If the assessable income of the taxpayer of the current year of income includes any eligible assessable income, the taxpayer is entitled to a rebate of tax in the taxpayer ' s assessment of such amount (if any) as will ensure that the rate of tax on a rebatable amount specified in Table 1 will not be more than the corresponding rate of tax specified in that table.

TABLE 1 - MAXIMUM RATES OF TAX ON ELIGIBLE ASSESSABLE INCOME

TABLE 1 - MAXIMUM RATES OF TAX ON ELIGIBLE ASSESSABLE INCOME

Item	Class of eligible assessable income	Corresponding rebatable amount	Rates of tax (%)
1	current year ' s total of taxpayer ' s s. 27B(1)(a) amounts for non-age 55 ETPs	derived	20
2	current year ' s total of taxpayer ' s s. 27B(1)(a) amounts for age 55 ETPs	low rate part	0
3	current year ' s total of taxpayer ' s s. 27B(1)(a) amounts for age 55 ETPs	remaining part	15
4	current year ' s total of taxpayer ' s s. 27B(1)(b) amounts for non-age 55 ETPs	derived	30
5	current year ' s total of taxpayer ' s s. 27B(1)(b) amounts for age 55 ETPs	low rate part	15
6	current year ' s total of taxpayer ' s s. 27B(1)(b) amounts for age 55 ETPs	remaining part	30
7	current year ' s total of taxpayer ' s s. 27B(1A)(a) amounts	derived	15
8	current year ' s total of taxpayer ' s s. 27B(1A)(b) amounts	derived	30
9	current year ' s total of taxpayer ' s eligible assessable income (excluding amounts covered by Items 1 to 8)	derived	30

159SA(2) [Rebatable amount]  

The rebatable amount for a particular class of eligible assessable income in Table 1 is worked out as follows:

(a) the " derived amount " is so much of the taxable part of the taxable income as is attributable to that class;

(b) subject to subsection (3), the " low rate part " is so much of the derived amount for the class as does not exceed the residual amount under section 159SF for the current year;

(c) the " remaining part " is so much of the derived amount for the class as is left over after deducting the low rate part.

159SA(3) [Total low rate parts]  

The total of the low rate parts for the current year cannot be more than the residual amount under section 159SF for the current year.

S 159SA substituted by No 7 of 1993; inserted by No 105 of 1989.