Commonwealth Numbered Regulations

INCOME TAX AMENDMENT REGULATIONS 2009 (NO. 2) (SLI NO 156 OF 2009) - SCHEDULE 2

(regulation 4)

[1]           Regulation 150AB, heading

substitute

150AB     Eligibility -- amount of rebate income

[2]           Paragraph 150AD (b)

omit

for a later year of income:

insert

for a year of income ending after 30 June 1997 and before 1 July 2009:

[3]           Subparagraph 150AD (b) (ii)

omit

the excess.

insert

the excess; and

[4]           After paragraph 150AD (b)

insert

                (c)    for a later year of income:

                          (i)    if the relevant income-recipient's rebate income of the year of income does not exceed his or her rebate threshold -- the taxpayer's rebate amount; or

                         (ii)    if the relevant income-recipient's rebate income of the year of income exceeds his or her rebate threshold -- the taxpayer's rebate amount, reduced by 12.5 cents for each $1 of the amount of the excess.

[5]           Paragraph 151 (1) (a)

omit

taxable income

insert

rebate income

[6]           Paragraph 151 (1) (b)

omit

taxable income

insert

rebate income