Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 307.345

    If you have become entitled to a rebate under section   159SA of the Income Tax Assessment Act 1936 , your low rate cap amount for the 2007 - 2008 income year is, despite subsection   307 - 345(1), the total of:

  (a)   your closing balance for the 2006 - 2007 income year (worked out under subsection   159SF(2) of that Act); and

  (b)   the amount by which $140,000 exceeds the upper limit for the 2006 - 2007 income year (worked out under section   159SG of that Act).

Table of Subdivisions

316 - A   Application

Table of sections

316 - 1   Application of Division   316 of the Income Tax Assessment Act 1997