Treasury Laws Amendment (2015 Measures No. 1) Regulation 2015 (39 of 2015)

Schedule 1   Amendments relating to the Treasury Legislation Amendment (Repeal Day) Act 2015 etc

Part 1   Amendments commencing 1 July 2015

Income Tax Regulations 1936

20   Paragraphs 150AD(b) and (c)

Repeal the paragraphs, substitute:

(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.