INCOME TAX ASSESSMENT (1936 ACT) REGULATION 2015 (SLI NO 155 OF 2015) - REG 9 Key concepts
INCOME TAX ASSESSMENT (1936 ACT) REGULATION 2015 (SLI NO 155 OF 2015) - REG 9
Key conceptsPurpose of this section
(1) This section defines concepts that are relevant to working out:
(a) whether:
(i) a taxpayer who is an individual is entitled to a rebate under section 160AAAA of the Act for a year of income; or
(ii) a taxpayer that is a trustee is entitled to a rebate under section 160AAAB of the Act for a year of income in respect of a beneficiary who is an individual; and
(b) the amount of the rebate.
Base rebate amount
(2) The base rebate amount , for the rebate, is:
(a) the amount in the item of the following table that applies to the individual mentioned in subparagraph (1)(a)(i) or (ii); or
(b) if more than one item of the table applies to the individual--whichever amount in the applicable items gives the taxpayer the greatest rebate entitlement.
|
Base rebate amount |
||
|
Item |
Column 1 Class of individual |
Column 2 Base rebate amount |
|
1 |
An individual who, at any time during the year, is not a spouse of another individual |
$2 230 |
|
2 |
An individual who, at any time during the year, is a spouse of another individual |
$1 602 |
|
3 |
A member of an illness-separated couple (within the meaning of the Social Security Act 1991 ) |
$2 040 |
Note: For the purposes of subsection 11(2), the base rebate amount may be affected by section 12.
(3) For the purposes of items 1 and 2 of the table in subsection (2), spouses living separately and apart on a permanent basis are treated as not being spouses of each other.
Rebate threshold
(4) The rebate threshold , for the rebate, is:
(a) the amount worked out using the formula in subsection (5); or
(b) if that amount is greater than the 159N rebate reduction threshold--the amount worked out using the formula in subsection (6) of this section.
(5) For the purposes of paragraph (4)(a), the formula is:
Note: For the purposes of subsection 11(2), the base rebate amount may be affected by section 12.
(6) For the purposes of paragraph (4)(b), the formula is:
Note: For the purposes of subsection 11(2), the base rebate amount may be affected by section 12.
(7) For the purposes of the formula in subsection (6), the formula in this subsection is:
Rounding
(8) The amount worked out under subsection (5) or (6) must be rounded up to the nearest whole dollar, if the amount is not an amount of whole dollars.