S 159N repealed by No 92 of 2020, s 3 and Sch 1 item 17, effective 15 October 2020 and applicable in relation to assessments for the 2020-21 income year or a later income year. S 159N formerly read:
SECTION 159N REBATE FOR CERTAIN LOW-INCOME TAXPAYERS
159N(1)
If a taxpayer
'
s taxable income of a year of income is less than $66,667, the taxpayer is entitled to a rebate of tax in the taxpayer
'
s assessment for the year of income.
History
S 159N(1) was to be amended by No 159 of 2011, s 3 and Sch 1 item 4, by substituting
"
$67,000
"
for
"
$66,667
"
as the phase-out limit, applicable to the 2015-16 income year and later years of income. This amendment was repealed by Sch 2 item 2 of
Labor 2013-14 Budget Savings (Measures No 1) Act 2015
(No 72 of 2015) so that the phase-out limit remains at $66,667 for the 2015-16 income year and later years of income.
S 159N(1) amended by No 159 of 2011, s 3 and Sch 1 item 1, by substituting
"
$66,667
"
for
"
$67,500
"
, applicable to the 2012-13 year of income and later years of income.
S 159N(1) amended by No 29 of 2008, s 3 and Sch 1 item 21, by substituting
"
$67,500
"
for
"
$63,750
"
, applicable to assessments for the 2010-11 year of income and later years of income.
S 159N(1) amended by No 29 of 2008, s 3 and Sch 1 item 11, by substituting
"
$63,750
"
for
"
$60,000
"
, applicable to assessments for the 2009-10 year of income.
S 159N(1) amended by No 29 of 2008, s 3 and Sch 1 item 1, by substituting
"
$60,000
"
for
"
$48,750
"
, applicable to assessments for the 2008-09 year of income.
S 159N(1) amended by No 76 of 2007, s 3 and Sch 1 item 1, by substituting
"
$48,750
"
for
"
$40,000
"
, applicable to assessments for the 2007-08 year of income and later years of income.
S 159N(1) amended by No 55 of 2006, s 3 and Sch 3 item 1, by substituting
"
$40,000
"
for
"
$27,475
"
, applicable in relation to assessments for the 2006-07 year of income and later years of income.
S 159N(1) amended by No 45 of 2003.
159N(2)
The amount of the rebate is $445, reduced by 1.5 cents for every $1 of the amount (if any) by which the taxpayer
'
s taxable income of the year of income exceeds $37,000.
History
S 159N(2) was to be substituted by No 159 of 2011, s 3 and Sch 1 item 5, to reduce the maximum value of the rebate to $300 and reduce the phase-out rate to 1%, applicable to the 2015-16 income year and later years of income. This amendment was repealed by Sch 2 item 2 of
Labor 2013-14 Budget Savings (Measures No 1) Act 2015
(No 72 of 2015) so that the maximum value of the rebate remains at $445 and the phase-out rate remains at 1.5% for the 2015-16 income year and later years of income.
S 159N(2) substituted by No 159 of 2011, s 3 and Sch 1 item 2, applicable to the 2012-13 year of income and later years of income. S 159N(2) formerly read:
159N(2)
The amount of the rebate is $1,500, 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 $30,000.
S 159N(2) amended by No 29 of 2008, s 3 and Sch 1 item 22, by substituting
"
$1,500
"
for
"
$1,350
"
, applicable to assessments for the 2010-11 year of income and later years of income.
S 159N(2) amended by No 29 of 2008, s 3 and Sch 1 item 12, by substituting
"
$1,350
"
for
"
$1,200
"
, applicable to assessments for the 2009-10 year of income.
S 159N(2) amended by No 29 of 2008, s 3 and Sch 1 item 2, by substituting
"
$1,200
"
for
"
$750
"
, applicable to assessments for the 2008-09 year of income.
S 159N(2) amended by No 76 of 2007, s 3 and Sch 1 items 2 and 3, by substituting
"
$750
"
for
"
$600
"
and $30,000
"
for
"
$25,000
"
, applicable to assessments for the 2007-08 year of income and later years of income.
S 159N(2) amended by No 55 of 2006, s 3 and Sch 3 items 2 and 3, by substituting
"
$600
"
for
"
$235
"
and substituting
"
$25,000
"
for
"
$21,600
"
, applicable in relation to assessments for the 2006-07 year of income and later years of income.
S 159N(2) amended by No 45 of 2003.
159N(2A)
Subsection (1) does not apply for the 2022-23 year of income or a later year of income.
Note:
This section will be repealed on 1 July 2024 by the
Treasury Laws Amendment (Personal Income Tax Plan) Act 2018
.
History
S 159N(2A) inserted by No 47 of 2018, s 3 and Sch 1 item 5, effective 1 July 2018.
No rebate in respect of income of certain children
159N(3)
Subsections (4) and (5) apply if the taxpayer is a prescribed person in relation to the year of income for the purpose of Division 6AA of Part III.
History
S 159N(3) inserted by No 43 of 2011, s 3 and Sch 2 item 3, applicable to assessments for the 2011-12 income year and later income years.
159N(4)
Do not apply the rebate against the part (if any) of the taxpayer
'
s basic income tax liability that is attributable to the taxpayer
'
s eligible taxable income for the year of income.
History
S 159N(4) inserted by No 43 of 2011, s 3 and Sch 2 item 3, applicable to assessments for the 2011-12 income year and later income years.
159N(5)
If the taxpayer is entitled to the tax offset mentioned in item 15 of the table in subsection 63-10(1) of the
Income Tax Assessment Act 1997
(tax offset in respect of certain pensions) for the year of income, treat that tax offset as being applied, to the extent possible, against the part of the taxpayer
'
s basic income tax liability mentioned in subsection (4) of this section.
History
S 159N(5) inserted by No 43 of 2011, s 3 and Sch 2 item 3, applicable to assessments for the 2011-12 income year and later income years.
Rebate for a trustee assessed under section 98
159N(6)
A trustee who is liable to be assessed under section 98 in respect of a share of the net income of a trust estate in respect of a beneficiary is not entitled under this section to a rebate of tax in their assessment for the year of income to the extent Division 6AA applies to that share.
History
S 159N(6) inserted by No 58 of 2012, s 3 and Sch 3 item 1, applicable to assessments for the 2011-12 year of income and later years of income.
S 159N inserted by No 58 of 1993.
Former s 159N repealed by No 123 of 1985 and amended by No 103 of 1983, No 106 of 1982, No 108 of 1981 and No 126 of 1977, and inserted by No 117 of 1965.
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