Commonwealth Consolidated Regulations

INCOME TAX REGULATIONS 1936 - REG 150AD

                Subject to regulations 150AE and 150AF, a taxpayer who, under section 160AAAA or 160AAAB of the Act, is eligible, in a year of income, for a rebate of tax is entitled, in respect of income, or trust income, of the year of income, to a rebate of tax amounting to:

                (a)    for the year of income ending on 30 June 1997:

                          (i)    if the relevant income‑recipient's taxable income of the year of income does not exceed his or her rebate threshold -- half the taxpayer's rebate amount; or

                         (ii)    if the relevant income‑recipient's taxable income of the year of income exceeds his or her rebate threshold -- half the taxpayer's rebate amount as reduced by 12.5 cents for each $1 of the amount of the excess; and

               (b)    for a year of income ending after 30 June 1997 and before 1 July 2009:

                          (i)    if the relevant income‑recipient's taxable income of the year of income does not exceed his or her rebate threshold -- the taxpayer's rebate amount; or

                         (ii)    if the relevant income‑recipient's taxable 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; and

                (c)    for a later year of income:

                          (i)    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

                         (ii)    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.