150AFTransfer of unused rebate from taxpayer who is trustee

#### 150AF Transfer of unused rebate from taxpayer who is trustee (1) Regulation 150AD is affected by subregulation (2) if, in relation to a year of income: (a) a taxpayer (TP1) is entitled to a rebate under section 160AAAB of the Act; and (b) the relevant income‑recipient in relation to that rebate is, at any time in that year of income, the spouse of a taxpayer (TP2) who is entitled to a rebate of tax under section 160AAAA of the Act; and (c) TP1’s rebate amount in relation to the relevant income‑ recipient mentioned in paragraph (b) exceeds the tax payable by TP1 in relation to that relevant income‑ recipient for income of that year (disregarding any credits or rebates); and (d) the amount of the rebate to which, apart from this subregulation, TP2 is entitled under section 160AAAA of the Act for the year of income is less than TP2’s rebate amount for that year. (2) In the circumstances mentioned in subregulation (1), the rebate amount for the year of income is: (a) for TP1—the amount ascertained under subregulation 150AB(2) reduced by the amount of the excess rebate amount mentioned in paragraph (1)(c); and (b) for TP2—the amount ascertained under subregulation 150AB(2) increased by the amount of the excess rebate amount ascertained under subregulation (8) or (9). (3) Regulation 150AD is affected by subregulation (4) if, in relation to a year of income: (a) a taxpayer (TP1) is entitled to a rebate under section 160AAAB of the Act; and (b) the relevant income‑recipient in relation to TP1 (RIR1) is, at any time in that year of income, the spouse of a person (RIR2) who is the relevant income‑recipient in relation to a taxpayer (TP2) who is entitled to a rebate of tax under section 160AAAB of the Act; and (c) TP1’s rebate amount in relation to RIR1 exceeds the tax payable by TP1 in relation to RIR1 for income of that year (disregarding any credits or rebates); and (d) the amount of the rebate to which, apart from this subregulation, TP2 is entitled under section 160AAAB of the Act for the year of income in relation to RIR2 is less than TP2’s rebate amount for that year in relation to RIR2. (4) In the circumstances mentioned in subregulation (3), the rebate amount for the year of income: (a) for TP1—is the amount ascertained under subregulation 150AB(2) reduced by the amount of the excess rebate amount mentioned in paragraph (3)(c); and (b) for TP2—is the amount ascertained under subregulation 150AB(2) increased by the amount of the excess rebate amount ascertained under subregulation (8) or (9). (7) This regulation applies whether TP1 is, or is not, the same person as TP2. (7A) For this regulation, if: (a) TP1 received, at any time in the year of income, a pension under: (i) Part 2.3, 2.4 or 2.5 of the Social Security Act 1991; or (ii) Division 4 or 5 of Part III of the Veterans’ Entitlements Act 1986; and (b) the pension payments were exempt payments under Subdivision 52‑A or 52‑B of the Income Tax Assessment Act 1997; the amount of TP1’s assessable income for that year is to be calculated as if that pension were assessable income. (8) In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1’s taxable income in relation to the relevant income‑recipient for the year is $6 000 or less, the amount of excess rebate is the excess rebate amount mentioned in paragraph (1)(b). (9) In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1’s taxable income in relation to the relevant income‑recipient for the year is greater than $6 000, and each rate of tax payable by TP1 is a rate set out in Part I of Schedule 7 to the Income Tax Rates Act 1986: (a) the amount of excess rebate is calculated using the formula:  where: A is TP1’s rebate amount for the year of income, worked out under this regulation. B is TP1’s taxable income for the year; but (b) if the amount calculated in paragraph (a) is less than zero, the amount of excess rebate is zero. (10) In the circumstances mentioned in paragraphs (2)(b) and (4)(b), if TP1’s taxable income for the year is greater than $6 000, and each rate of tax payable by TP1 is a rate set out in Part II of Schedule 7 to the Income Tax Rates Act 1986, the amount of excess rebate is the excess rebate amount mentioned in paragraph (1)(c).