Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 307.345

                   If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936 , your low rate cap amount for the 2007-2008 income year is, despite subsection 307- 345(1), the total of:

                     (a)  your closing balance for the 2006-2007 income year (worked out under subsection 159SF(2) of that Act); and

                     (b)  the amount by which $140,000 exceeds the upper limit for the 2006-2007 income year (worked out under section 159SG of that Act).

Table of Subdivisions

Table of sections

316-1        Application of Division 316 of the Income Tax Assessment Act 1997