Income Tax Regulations 1936 (Repealed)
Pt 8 heading substituted by SLI No 91 of 2012, reg 3 and Sch 1 item 1, effective 1 July 2012. The heading formerly read:
PART 8 - REBATE FOR LOW INCOME AGED PERSONS AND IN RESPECT OF CERTAIN PENSIONS AND BENEFITS
Pt 8, formerly Pt VII, inserted and renumbered by SR No 192 of 1990.
Div 1A inserted by SR No 148 of 1997.
Regulation 150AD is affected by subregulation (2) if, in relation to a year of income:
(a) a taxpayer (`` TP1 '') is entitled to a rebate under section 160AAAB of the Act; and
(b) the relevant income-recipient in relation to that rebate is, at any time in that year of income, the spouse of a taxpayer (`` TP2 '') who is entitled to a rebate of tax under section 160AAAA of the Act; and
(c) TP1's rebate amount in relation to the relevant income-recipient mentioned in paragraph (b) exceeds the tax payable by TP1 in relation to that relevant income-recipient for income of that year (disregarding any credits or rebates); and
(d) the amount of the rebate to which, apart from this subregulation, TP2 is entitled under section 160AAAA of the Act for the year of income is less than TP2's rebate amount for that year.
150AF(2)
In the circumstances mentioned in subregulation (1), the rebate amount for the year of income is:
(a) for TP1 - the amount ascertained under subregulation 150AB(2) reduced by the amount of the excess rebate amount mentioned in paragraph (1)(c); and
(b) for TP2 - the amount ascertained under subregulation 150AB(2) increased by the amount of the excess rebate amount ascertained under subregulation (8) or (9).
S 150AF(2) amended by SLI No 91 of 2012, reg 3 and Sch 1 item 18, by substituting " ascertained under subregulation (8) or (9) " for " mentioned in paragraph (1)(c) " in para (b), effective 1 July 2012.
150AF(3)
Regulation 150AD is affected by subregulation (4) if, in relation to a year of income:
(a) a taxpayer (`` TP1 '') is entitled to a rebate under section 160AAAB of the Act; and
(b) the relevant income-recipient in relation to TP1 (`` RIR1 '') is, at any time in that year of income, the spouse of a person (`` RIR2 '') who is the relevant income-recipient in relation to a taxpayer (`` TP2 '') who is entitled to a rebate of tax under section 160AAAB of the Act; and
(c) TP1's rebate amount in relation to RIR1 exceeds the tax payable by TP1 in relation to RIR1 for income of that year (disregarding any credits or rebates); and
(d) the amount of the rebate to which, apart from this subregulation, TP2 is entitled under section 160AAAB of the Act for the year of income in relation to RIR2 is less than TP2's rebate amount for that year in relation to RIR2.
150AF(4)
In the circumstances mentioned in subregulation (3), the rebate amount for the year of income:
(a) for TP1 - is the amount ascertained under subregulation 150AB(2) reduced by the amount of the excess rebate amount mentioned in paragraph (3)(c); and
(b) for TP2 - is the amount ascertained under subregulation 150AB(2) increased by the amount of the excess rebate amount ascertained under subregulation (8) or (9).
S 150AF(4) amended by SLI No 91 of 2012, reg 3 and Sch 1 item 19, by substituting " ascertained under subregulation (8) or (9) " for " mentioned in paragraph (3)(c) " in para (b), effective 1 July 2012.
150AF(5)
(Repealed by SLI No 91 of 2012)
Reg 150AF(5) repealed by SLI No 91 of 2012, reg 3 and Sch 1 item 20, effective 1 July 2012. Reg 150AF(5) formerly read:
150AF(5)
For paragraphs (1)(d) and (3)(d), if the year of income concerned is the year of income ending on 30 June 1997, the amount of rebate to which TP2 is entitled is taken to be the amount mentioned in paragraph 150AD(b) .
150AF(6)
(Repealed by SLI No 91 of 2012)
Reg 150AF(6) repealed by SLI No 91 of 2012, reg 3 and Sch 1 item 20, effective 1 July 2012. Reg 150AF(6) formerly read:
150AF(6)
If the year of income mentioned in subregulation (1) or (3) is the year of income ending on 30 June 1997 the amount ascertained under paragraph (2)(b) or (4)(b) is limited to the tax payable by TP2 in respect of income of that year.
150AF(7)
This regulation applies whether TP1 is, or is not, the same person as TP2.
150AF(7A)
For this regulation, if:
(a) TP1 received, at any time in the year of income, a pension under:
(i) Part 2.3 , 2.4 or 2.5 of the Social Security Act 1991 ; or
(ii) Division 4 or 5 of Part III of the Veterans ' Entitlements Act 1986 ; and
(b) the pension payments were exempt payments under Subdivision 52-A or 52-B of the Income Tax Assessment Act 1997 ;
the amount of TP1 ' s assessable income for that year is to be calculated as if that pension were assessable income.
Reg 150AF(7A) renumbered from reg 150AF(8) by SLI No 222 of 2012, reg 3 and Sch 1 item 3, by substituting " (7A) For " for " (8) For " , effective 15 September 2012.
Reg 150AF(7A) (formerly reg 150AF(8)) inserted by SLI No 174 of 2012, reg 3 and Sch 1 item 4, effective 1 July 2012.
150AF(8)
In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1 ' s taxable income in relation to the relevant income-recipient for the year is $6 000 or less, the amount of excess rebate is the excess rebate amount mentioned in paragraph (1)(b).
Reg 150AF(8) inserted by SLI No 91 of 2012, reg 3 and Sch 1 item 21, effective 1 July 2012.
Former reg 150AF(8) omitted by SR No 45 of 2002.
150AF(9)
In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1 ' s taxable income in relation to the relevant income-recipient for the year is greater than $6 000, and each rate of tax payable by TP1 is a rate set out in Part I of Schedule 7 to the Income Tax Rates Act 1986 :
(a) the amount of excess rebate is calculated using the formula:
A − ((B − $6 000) × 0.15)
where:
A
is TP1
'
s rebate amount for the year of income, worked out under this regulation.
B
is TP1
'
s taxable income for the year; but
(b) if the amount calculated in paragraph (a) is less than zero, the amount of excess rebate is zero.
Reg 150AF(9) amended by SLI No 279 of 2013, reg 4 and Sch 1 item 4, by substituting " each rate of tax payable by TP1 is a rate set out in Part I of Schedule 7 to the Income Tax Rates Act 1986 " for " TP1 is a resident of Australia " , applicable in relation to assessments of income for the 2013-2014 income year and later income years.
Reg 150AF(9) amended by SLI No 128 of 2013, reg 4 and Sch 1 item 3, by inserting " , and TP1 is a resident of Australia " , applicable in relation to assessments of income for the 2012-2013 income year and later income years.
Reg 150AF(9) inserted by SLI No 91 of 2012, reg 3 and Sch 1 item 21, effective 1 July 2012.
Former reg 150AF(9) omitted by SR No 45 of 2002.
150AF(10)
In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1 ' s taxable income for the year is greater than $6 000, and each rate of tax payable by TP1 is a rate set out in Part II of Schedule 7 to the Income Tax Rates Act 1986 , the amount of excess rebate is the excess rebate amount mentioned in paragraph (1)(c).
Reg 150AF(10) substituted by SLI No 279 of 2013, reg 4 and Sch 1 item 5, applicable in relation to assessments of income for the 2013-2014 income year and later income years. Reg 150AF(10) formerly read:
150AF(10)
In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1 ' s taxable income for the year is greater than $6 000, and TP1 is a non-resident, the amount of excess rebate is the excess rebate amount mentioned in paragraph (1)(b).Note:
Non-resident is defined in section 6 of the Act. Division 63 of the Income Tax Assessment Act 1997 sets out the general rules about excess tax offsets.
Reg 150AF(10) inserted by SLI No 128 of 2013, reg 4 and Sch 1 item 4, applicable in relation to assessments of income for the 2012-2013 income year and later income years.
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