Income Tax Assessment (1936 Act) Regulation 2015
For subsection 160AAA(3) of the Act, the amount of the taxpayer ' s rebate in respect of a year of income is ascertained in accordance with this section.
13(2)
Subject to subsection (3), the amount of the rebate is the amount worked out in accordance with the following formula:
13(3)
The amount of the rebate is the amount worked out using the following formula, if the taxpayer ' s rebatable benefit amount is greater than the threshold at the upper conclusion of the lowest marginal tax rate:
13(4)
The rebatable benefit amount is the amount of rebatable benefit included in the taxpayer ' s assessable income of the year, rounded down to the nearest whole dollar.
13(5)
The amount worked out under subsection (2) or (3) must be rounded up to the nearest whole dollar, if the amount is not an amount of whole dollars.
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