Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"rebatable benefit" means an amount:
(a) paid by way of a benefit under Part 2.8A, 2.11, 2.11A, 2.12, 2.12B, 2.14, 2.15, 2.15A or 3.15A of the Social Security Act 1991 ; or
(aa) paid by way of parenting payment that is PP (partnered) under the Social Security Act 1991 , to the extent that the amount is not exempt under Division 52 of the Income Tax Assessment Act 1997 ; or
(b) consisting of a Commonwealth education or training payment (see subsection 6(1)), except where the recipient, or the individual on whose behalf the recipient receives the payment, is an employee of any person who is entitled to a Commonwealth subsidy in respect of the employment; or
(c) paid as a wage to a participant in a project under the Community Development Employment Projects program from the wages component of a grant made under the program; or
(d) paid by way of Northern Territory CDEP transition payment under Part 2.27 of the Social Security Act 1991 ; or
(da) paid by way of exceptional circumstances relief payment or farm help income support under the Farm Household Support Act 1992 ; or
(e) paid by way of income support to farmers and small business owners affected by Cyclone Larry or Cyclone Monica; or
(f) known as an interim income support payment and paid under section 33 of the Financial Management and Accountability Act 1997 ; or
(g) known as the Equine Workers Hardship Wage Supplement Payment.
"rebatable pension" means a pension, allowance or benefit under:
(a) the Veterans' Entitlements Act 1986 (other than Part VII); or
(b) the Social Security Act 1991 (other than Part 2.8A, 2.10 to the extent it provides for parenting payment that is a PP (partnered), 2.11, 2.11A, 2.12, 2.12B, 2.14, 2.15, 2.15A, 2.18 or 3.15A).
(2) Subject to subsections (4) and (4A), where the assessable income of a taxpayer of a year of income includes an amount of rebatable pension, the taxpayer is entitled in the taxpayer's assessment in respect of income of the year of income to a rebate of tax of an amount (if any) ascertained in accordance with the regulations.
(3) Subject to subsections (4) and (4A), where the assessable income of a taxpayer of a year of income includes an amount of rebatable benefit, the taxpayer is entitled in the taxpayer's assessment in respect of income of the year of income to a rebate of tax of an amount (if any) ascertained in accordance with the regulations.
(4) Where, apart from this subsection, the taxpayer would be entitled in his or her assessment in respect of income of a year of income to a rebate of tax under both subsections (2) and (3):
(a) if the amounts of the rebates are the same--the taxpayer is entitled to only one of the rebates; and
(b) if the amounts of the rebates are not the same--the taxpayer is not entitled to the lesser of the rebates.
(4A) A taxpayer is not entitled to a rebate under this section for a year of income if:
(a) the taxpayer is entitled to a rebate of tax for the year of income under section 160AAAA; or
(b) the taxpayer is the beneficiary of a trust where the trustee of the trust is entitled to a rebate of tax for the year of income under section 160AAAB in respect of the taxpayer.
(5) Regulations made for the purposes of this section may be expressed to apply in relation to a year of income any part of which occurred before the notification of the regulations.