Income Tax Assessment Act 1997
Your low rate cap amount for the 2007-2008 income year is $140,000.
However, if you became entitled to a rebate under the corresponding provision of the Income Tax Assessment Act 1936 , see section 307-345 of the Income Tax (Transitional Provisions) Act 1997 .Reductions and increases 307-345(2)
If you receive one or more *superannuation member benefits that are *superannuation lump sums in an income year, reduce your low rate cap amount for the next income year (but not below zero) by the total of the amounts that:
(a) are included in your assessable income for the first year in respect of those lump sums; and
(b) are counted towards your entitlement to a *tax offset under subsection 301-20(2) or 301-105(4) for the first year. 307-345(3)
At the start of each income year after the 2007-2008 income year, increase your low rate cap amount by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year. 307-345(4)
For the purposes of subsection (3), the index amount for the 2007-2008 income year is $140,000. The index amount is then indexed annually.
[ CCH Note: The indexed low rate cap amounts are: