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