Taxation (Deficit Reduction) Act (No. 3) 1993 (58 of 1993)

Part 4   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 2   Amendment to provide for a rebate for low-income taxpayers

12   Insertion of new section

After section 159M of the Principal Act the following section is inserted:

Rebate for certain low-income taxpayers

"159N. (1) If a taxpayer's taxable income of a year of income is less than $24,450, the taxpayer is entitled to a rebate of tax in the taxpayer's assessment for the year of income.

"(2) The amount of the rebate is $150, reduced by 4 cents for every $1 of the amount (if any) by which the taxpayer's taxable income of the year of income exceeds $20,700.".