Income Tax Assessment Act 1936
If a taxpayer ' s taxable income of a year of income is less than $66,667, the taxpayer is entitled to a rebate of tax in the taxpayer ' s assessment for the year of income.
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.
Subsection (1) does not apply for the 2022-23 year of income or a later year of income.
This section will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018 .
Subsections (4) and (5) apply if the taxpayer is a prescribed person in relation to the year of income for the purpose of Division 6AA of Part III .
Do not apply the rebate against the part (if any) of the taxpayer ' s basic income tax liability that is attributable to the taxpayer ' s eligible taxable income for the year of income.
If the taxpayer is entitled to the tax offset mentioned in item 15 of the table in subsection 63-10(1) of the Income Tax Assessment Act 1997 (tax offset in respect of certain pensions) for the year of income, treat that tax offset as being applied, to the extent possible, against the part of the taxpayer ' s basic income tax liability mentioned in subsection (4) of this section.
A trustee who is liable to be assessed under section 98 in respect of a share of the net income of a trust estate in respect of a beneficiary is not entitled under this section to a rebate of tax in their assessment for the year of income to the extent Division 6AA applies to that share.
S 159N will be repealed by No 47 of 2018, s 3 and Sch 1 item 10, effective 1 July 2024. No 47 of 2018, s 3 and Sch 1 item 18 contains the following provision:
18 Old law continues for relevant income years
Despite the repeals and amendments by this Division, the provisions repealed or amended by this Division continue to apply, in relation to assessments for the 2021-22 income year or an earlier income year, as if those repeals and amendments had not happened.