Income Tax Assessment (1936 Act) Regulation 2015

PART 5 - REBATES  

Division 1 - Tax rebate for low income aged persons and pensioners  

SECTION 11   AMOUNT OF REBATE  

11(1)    
For subsection 160AAAA(1) or 160AAAB(1) of the Act, the amount of the rebate is ascertained in accordance with subsection (2) of this section (as affected by section 12 of this instrument).

11(2)    
The amount of the rebate is:

(a) the base rebate amount for the rebate; or

(b) if:

(i) in the case of a rebate under section 160AAAA - the rebate income of the taxpayer; or

(ii) in the case of a rebate under section 160AAAB - the rebate income of the beneficiary;

exceeds the rebate threshold for the rebate - the base rebate amount for the rebate, reduced by 12.5 cents for each $1 of the amount of the excess.

Note:

The base rebate amount and the rebate threshold may be affected by section 12 .