12Insertion of new section

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.