Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 159ZRA

Eligibility for rebate

             (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).



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