Commonwealth Consolidated Acts

TAXATION (DEFICIT REDUCTION) ACT (NO. 3) 1993 - SECT 12

    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.