The concept of rebate income will replace thresholds previously based on ‘taxable income' from 1 July 2009.
Rebate Income =
Adjusted Fringe Benefits (AFB) amount
(i.e. reportable fringe benefits with FBT gross up reversed)
Total Net Investment Losses (NI Losses)
(i.e. net financial investment losses and net rental property losses)
Reportable superannuation contributions (RSC).
This will be used for entitlements or obligations where a threshold is relevant e.g. Medicare Levy Surcharge, Senior Australians tax offset, Centrelink benefits, etc., etc., etc.