Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 159ZRA

  (1)   Where:

  (a)   the assessable income of the taxpayer of a year of income (in this Subdivision   called the current year ) includes one or more eligible lump sums; and

  (b)   the total arrears amount is not less than 10% of the amount (if any) remaining after deducting that total arrears amount from the normal taxable income of the current year;

the taxpayer is entitled to a rebate of tax, in the taxpayer's assessment for the current year, of the amount (if any) calculated in accordance with this Subdivision.

  (2)   The rebate is only available to a natural person (otherwise than in the capacity of a trustee).