INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision B - Miscellaneous  

SECTION 160ACE   REBATE FOR CERTAIN COCOS (KEELING) ISLANDS INCOME - 1991-92  

160ACE(1)   [Amount of rebate]  

Where the amount of tax that would, apart from this section, be payable by a taxpayer (not being a company other than a company in the capacity of trustee) in respect of income of the 1991-92 year of income exceeds the amount of tax that would be so payable by the taxpayer in respect of income of that year of income if:

(a) section 24BB had not been enacted; and

(b) section 24BA had applied in relation to that year of income;

the taxpayer is entitled, in the taxpayer's assessment in respect of income of that year of income, to a rebate of tax of an amount equal to 50% of the amount of the excess.

160ACE(2)   [Exception]  

This section does not apply to an assessment under subsection 98(3) or (4) .