S 61-105 repealed by No 92 of 2020 (as amended by No 72 of 2021), s 3 and Sch 1 item 26, effective 1 July 2022 and applicable in relation to assessments for the 2022-23 income year or a later income year. S 61-105 formerly read:
SECTION 61-105 Entitlement to the Low and Middle Income tax offset
61-105(1)
You are entitled to a *tax offset for the 2018-19, 2019-20, 2020-21 or 2021-22 income year if:
(a)
you are an individual who is an Australian resident at any time during the income year; and
(b)
your taxable income for the income year does not exceed $126,000.
History
S 61-105(1) amended by No 52 of 2019, s 3 and Sch 1 item 1, by substituting
"
$126,000
"
for
"
$125,333
"
in para (b), effective 6 July 2019 and applicable in relation to assessments for the 2018-19, 2019-20, 2020-21 or 2021-22 income year.
61-105(2)
You are entitled to a *tax offset for the 2018-19, 2019-20, 2020-21 or 2021-22 income year if:
(a)
for the income year, you are a trustee who is liable to be assessed under section 98 of the
Income Tax Assessment Act 1936
in respect of a share of the *net income of a trust; and
(b)
the beneficiary who is presently entitled to that share is an individual who is an Australian resident at any time during the income year; and
(c)
that share does not exceed $126,000.
History
S 61-105(2) amended by No 52 of 2019, s 3 and Sch 1 item 1, by substituting
"
$126,000
"
for
"
$125,333
"
in para (c), effective 6 July 2019 and applicable in relation to assessments for the 2018-19, 2019-20, 2020-21 or 2021-22 income year.
61-105(3)
If you are entitled to a *tax offset under subsection
(2)
, you are entitled to a separate tax offset for each beneficiary who is presently entitled to a share for which subsection (2) is satisfied.
Note:
This section will be repealed on 1 July 2022 by the
Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020
.
History
S 61-105(3) amended by No 14 of 2022, s 3 and Sch 6 item 1, by substituting the note, effective 1 April 2022. The note formerly read:
Note:
This section will be repealed on 1 July 2024 by the
Treasury Laws Amendment (Personal Income Tax Plan) Act 2018
.
S 61-105 inserted by No 47 of 2018, s 3 and Sch 1 item 1, effective 1 July 2018.
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