Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 159ZRB

The rebate is calculated in accordance with the formula:

Tax on arrears - Notional tax on arrears

where:

"Tax on arrears" is the amount by which the rebated tax on the taxable income of the current year exceeds the rebated tax on the taxable income of the current year, being that taxable income reduced by the total arrears amount.

"Notional tax on arrears" is the total of the notional tax amounts for the accrual years.