Statute
Section 159ZRB — Income Tax Assessment Act 1936: Calculation of rebate
Text of the provision Official document
The rebate is calculated in accordance with the formula: Tax on arrears – Notional tax on arrears where: Tax on arrears is the amount by which the rebated tax on the taxable income of the current year exceeds the rebated tax on the taxable income of the current year, being that taxable income reduced by the total arrears amount. Notional tax on arrears is the total of the notional tax amounts for the accrual years.
Official source: Federal Register of Legislation
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