Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"eligible 26AH amount" , in relation to a year of income, means an amount included in assessable income under section 26AH in relation to an eligible policy within the meaning of that section issued by:
(a) a life assurance company, not being a life assurance company the whole of the income of which of the year of income is exempt from tax;
(c) the Government Insurance Office of New South Wales;
(d) Suncorp Insurance and Finance, being a body corporate established by a law of Queensland;
(e) the State Government Insurance Commission established by a law of South Australia;
(f) the State Insurance Office established by a law of Victoria; or
(g) the State Government Insurance Corporation established by a law of Western Australia.
"statutory percentage" means:
(a) if the policy concerned was issued by a friendly society:
(i) if the year of income is earlier than the 2002 - 03 year of income--33%; or
(ii) if the year of income is the 2002 - 03 year of income or a later year of income--30%; or
(b) otherwise:
(i) if the year of income is earlier than the 2001 - 02 year of income--39%; or
(ii) if the year of income is the 2001 - 02 year of income--34%; or
(iii) if the year of income is the 2002 - 03 year of income or a later year of income--30%.
(2) A taxpayer, not being a taxpayer in the capacity of trustee of a trust estate, is entitled in his or her assessment in respect of income of a year of income to a rebate of tax equal to the statutory percentage of an eligible 26AH amount included in his or her assessable income of the year of income.
(3) Where:
(a) an amount is included under section 97, 98A or 100 in the assessable income of a year of income of a taxpayer being a beneficiary of a trust estate otherwise than in the capacity of trustee of another trust estate; and
(b) the whole or a part of the amount so included (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate;
the taxpayer is entitled in his or her assessment in respect of income of the year of income to a rebate of tax equal to the statutory percentage of the rebatable amount.
(4) Where:
(a) a taxpayer being the trustee of a trust estate is liable to be assessed and to pay tax in pursuance of section 98 in respect of a share of the net income of the trust estate of a year of income; and
(b) the whole or part of that share (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate;
the taxpayer is entitled in that assessment to a rebate of tax equal to the statutory percentage of the rebatable amount.
(5) Where:
(a) a taxpayer being the trustee of a trust estate is liable to be assessed and to pay tax in pursuance of section 99 or 99A in respect of the whole or a part (which whole or part is in this subsection referred to as the relevant trust income ) of the net income of the trust estate of a year of income; and
(b) the whole or a part of the relevant trust income (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate;
the taxpayer is entitled in that assessment to a rebate of tax equal to the statutory percentage of the rebatable amount.
(5A) A taxpayer being the trustee of a complying superannuation fund, a non - complying superannuation fund, a complying approved deposit fund, a non - complying approved deposit fund or a pooled superannuation trust is entitled in the taxpayer's assessment in respect of income of a year of income to a rebate of tax equal to the statutory percentage of any eligible section 26AH amount included in the taxpayer's assessable income of the year of income.
(6) Where an eligible 26AH amount is included in the assessable income of a partnership of a year of income in the calculation of the net income or partnership loss of the partnership of the year of income, a partner in the partnership is entitled in his or her assessment in respect of income of the year of income to a rebate of tax equal to the statutory percentage of the amount by which the taxable income of the partner of the year of income exceeds the amount that could reasonably be expected to be that taxable income if the eligible 26AH amount had not been included in the assessable income of the partnership of the year of income.