Income Tax Regulations 1936 (Repealed)

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

Division 1A - Rebate under sections 160AAAA and 160AAAB of the Act  

REGULATION 150AD  

150AD   REBATE FOR LOW INCOME AGED PERSONS AND PENSIONERS  
Subject to regulations 150AE and 150AF , a taxpayer who, under section 160AAAA or 160AAAB of the Act, is eligible, in a year of income, for a rebate of tax is entitled, in respect of income, or trust income, of the year of income, to a rebate of tax amounting to:


(a) if the relevant income-recipient ' s rebate income of the year of income does not exceed his or her rebate threshold - the taxpayer ' s rebate amount; or


(b) if the relevant income-recipient ' s rebate income of the year of income exceeds his or her rebate threshold - the taxpayer ' s rebate amount, reduced by 12.5 cents for each $1 of the amount of the excess.


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