Income Tax Amendment Regulations 2005 (No. 4)1 Select Legislative Instrument 2005 No. 161
I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1936. Dated 7 July 2005 P. M. JEFFERY Governor-General By His Excellency’s Command MAL BROUGH Minister for Revenue and Assistant Treasurer
1 Name of Regulations These Regulations are the Income Tax Amendment Regulations 2005 (No. 4). 2 Commencement These Regulations commence on the commencement of the Tax Laws Amendment (Personal Income Tax Reduction) Act 2005. 3 Amendment of Income Tax Regulations 1936 Schedule 1 amends the Income Tax Regulations 1936. 4 Transitional The amendments made by Schedule 1 apply in relation to assessments of income for the income year 2005-2006 and later income years.
Schedule 1 Amendments (regulation 3) [1] Subregulation 150AB (3), including the note substitute (3) For this regulation, a rebate threshold for a year of income is worked out using the following table:
Item
If the person is
The rebate threshold is worked out using the formula
1
A single person
2
A member of a couple or a member of an illness-separated couple
where: A is the threshold at the upper conclusion of the lowest marginal tax rate. B is the rate that would be the lowest marginal tax rate, if not for the rate mentioned in factor C. C is the lowest marginal tax rate. D is the tax-free threshold. E is the maximum amount of rebate allowable under section 159N of the Act. F, for a person, is the rebate amount mentioned in subregulation (2). Note lowest marginal tax rate and tax-free threshold are defined in regulation 148. [2] Paragraph 152 (1) (b), formula omit 0.13 insert 0.15 Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.