s 12
In forceInsertion of new section
Part 2Amendment of the Income Tax Rates Act 1986 to give effect to personal tax cuts
Division 3Tax cuts starting in 1994‑95
12 Insertion of new section
After section 159M of the Principal Act the following section is inserted:
159N Rebate for certain low‑income taxpayers
(1)
If a taxpayer’s taxable income of a year of income is less than $24,450, the taxpayer is entitled to a rebate of tax in the taxpayer’s assessment for the year of income.
(2)
The amount of the rebate is $150, reduced by 4 cents for every $1 of the amount (if any) by which the taxpayer’s taxable income of the year of income exceeds $20,700.
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