A NEW TAX SYSTEM (MEDICARE LEVY SURCHARGE-FRINGE BENEFITS) ACT 1999 - SECT 9 What is a person's taxable income for a year of

Commonwealth Numbered Acts

What is a person's taxable income for a year of income?

(1): A person's taxable income for a year of income is the amount that would be the person's taxable income for the purposes of the Assessment Act apart from subsection 271-105(1) of Schedule 2F to that Act.
(2): However, if a person is entitled under subsection 159SA(1) of the Assessment Act to a rebate for a year of income to ensure that the rate of tax on one or more rebatable amounts specified in Table 1 in that subsection is 0%, the person's taxable income for the year of income is the amount worked out under subsection (1), reduced by the total of the rebatable amounts.