Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A taxpayer who is an individual (other than in the capacity as trustee) is entitled to a rebate of tax in the taxpayer's assessment in respect of income of a year of income of an amount (if any), ascertained in accordance with the regulations, if the taxpayer satisfies the conditions in subsections (2) and (3).
(2) The first condition is that, on at least one day during the year of income, either:
(a) the taxpayer:
(i) is eligible for a pension, allowance or benefit under the Veterans' Entitlements Act 1986 (other than Part VII); and
(ii) has reached pension age, within the meaning of that Act; and
(iii) is not in gaol; or
(b) the taxpayer:
(i) is qualified for an age pension under the Social Security Act 1991 ; and
(ii) is not in gaol.
(3) The second condition is that the taxpayer's rebate income for the year of income is less than an amount ascertained in accordance with the regulations.
(4) If the taxpayer is the spouse of another person, the amount applicable to the taxpayer under subsection (3) is half of the sum of:
(a) the taxpayer's rebate income for the year of income; and
(b) the taxpayer's spouse's rebate income for the year of income (reduced by any amount included in the spouse's assessable income under section 100); and
(c) any share of the net income of a trust estate to which the taxpayer's spouse is presently entitled and that is assessed under section 98.
(5) Regulations made for the purposes of this section may be expressed to apply in relation to a year of income any part of which occurred before the notification of the regulations.