Commonwealth Consolidated Acts

CLEAN ENERGY (TAX LAWS AMENDMENTS) ACT 2011 - SCHEDULE 1

Part   1 -- Amendments applying from the 2012 - 13 year of income

Income Tax Assessment Act 1936

1   Subsection   159N(1)

Omit "$67,500", substitute "$66,667".

2   Subsection   159N(2)

Repeal the subsection, substitute:

  (2)   The amount of the rebate is $445, reduced by 1.5 cents for every $1 of the amount (if any) by which the taxpayer's taxable income of the year of income exceeds $37,000.

3   Application provision

The amendments made by this Part apply to the 2012 - 13 year of income and later years of income.