Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-G substituted for Subdiv 61-H by No 32 of 2007, s 3 and Sch 3 item 9, applicable in relation to the 2007-2008 income year and later income years.

Subdiv 61-H inserted by No 128 of 1998.

S 61-342 repealed by No 32 of 2007, s 3 and Sch 3 item 9, applicable in relation to the 2007-2008 income year and later income years. S 61-342 formerly read:

SECTION 61-342 Saving provision where a person 65 years or over ceases to be covered by policy  
61-342(1)
This section applies to a person (the first person ) at a particular time (the relevant time ) if:

(a) at any time before the relevant time, the first person was covered by an appropriate private health insurance policy (the original policy ), other than as a dependent child; and

(b) at any time when the person was so covered, the amount of the *tax offset under section 61-340 was 35% or 40% of the amount of premium payable under the original policy because of the age of another person (the entitling person ) covered by the policy; and

(c) before the relevant time, the entitling person ceased to be covered by the original policy.

61-342(2)
If, at the relevant time:

(a) the first person is covered by an appropriate private health insurance policy (which may be either the original policy or another policy); and

(b) each other person (if any) covered, since the entitling person ceased to be covered by the original policy, by an appropriate private health insurance policy that also covered the first person:

(i) is or was covered as a dependent child; or

(ii) is a person who was covered by the original policy immediately before that cessation;

subsections 61-340(5) and (6) are taken to apply (other than for the purposes of working out the incentive amount) as if the entitling person:

(c) were covered by the policy mentioned in paragraph (a); and

(d) were the same age as at that cessation.

61-342(3)
Subsection (2) does not apply if its application would result in the amount of the *tax offset under subsection 61-340(5) or (6) being less than it would otherwise have been.

61-342(4)
In this section:

dependent child
has the same meaning as in the Private Health Insurance Incentives Act 1998 .

S 61-342 inserted by No 9 of 2005.