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Income tax: will a section 160AB rebate continue to apply to interest derived from State Bank Victoria Deposit Stock issued before 1 November 1968 if the interest is paid by the Commonwealth Bank of Australia?

Preamble

Yes. The entitlement to the rebate is not affected by the Commonwealth Bank of Australia (CBA) paying the interest after the merger with the State Bank of Victoria (SBV).

The interest included in taxable income qualifies for the rebate under section 160AB of the Income Tax Assessment Act 1936 because it is derived from Deposit Stock which was issued by SBV before 1 November 1968. There is no requirement under the section for the interest to be actually paid by SBV.

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