Income Tax Regulations 1936 [ Repealed]

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

Division 3 - Rebate under section 160AAA of the Act  

REGULATION 152   REBATE OF TAX IN RESPECT OF REBATABLE BENEFITS  

152(1)  
If the assessable income of a taxpayer of a year of income includes an amount of rebatable benefit, the taxpayer is entitled in the taxpayer ' s assessment in respect of income of that year of income to a rebate of tax of the amount calculated using the formula in subregulation (2) or (3).

152(2)  
If the taxpayer ' s benefit amount is less than or equal to the threshold at the upper conclusion of the lowest marginal tax rate, the formula is:

0.15 × [ A - 6 000]

where:

A
is the taxpayer ' s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

Note:

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

152(3)  
If the taxpayer ' s benefit amount is greater than the threshold at the upper conclusion of the lowest marginal tax rate, the formula is:

0.15 × [ A - 6 000] + 0.15 × [ A - B]

where:

A
is the taxpayer ' s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

B
is the threshold at the upper conclusion of the lowest marginal tax rate.

Note:

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

152(4)  
If the amount worked out under subregulation (2) or (3) is not an amount of whole dollars, the amount must be rounded up to the nearest whole dollar.


 

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