Division 1Tax rebate for low income aged persons and pensioners

Part 1—Preliminary

1 Name

This is the Income Tax Assessment (1936 Act) Regulation 2015.

3 Authority

This instrument is made under the Income Tax Assessment Act 1936.

4 Definitions

In this instrument:

159N rebate maximum amount means $445.

159N rebate reduction rate means 0.015.

159N rebate reduction threshold means $37,000.

Act means the Income Tax Assessment Act 1936.

associate has the same meaning as in section 318 of the Act.

base rebate amount, for a rebate under section 160AAAA or 160AAAB of the Act, has the meaning given by subsection 9(2) of this instrument.

compulsory acquisition has the meaning given by subsection 20(5).

disabled persons’ car parking permit has the meaning given by subsection 8(2).

disabled persons’ car parking space has the meaning given by subsection 8(2).

lowest marginal tax rate, in relation to a year of income, means the rate that is:

(a) the lowest rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986, in the application of the table to that year; and
(b) expressed as a decimal fraction.

ordinary capital gains has the meaning given by subsection 17(2).

permanent establishment has the meaning given by subsection 17(2).

rebatable benefit amount has the meaning given by subsection 13(4).

rebate threshold, for a rebate under section 160AAAA or 160AAAB of the Act, has the meaning given by section 9 of this instrument.

resident investment vehicle has the meaning given by the Income Tax Assessment Act 1997.

roll‑over relief has the meaning given by section 20.

second lowest marginal tax rate, in relation to a year of income, means the rate that is:

(a) the second lowest rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986, in the application of the table to that year; and
(b) expressed as a decimal fraction.