Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-I repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019.

Subdivision 61-I inserted by No 32 of 2002.

S 61-420 repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019. S 61-420 formerly read:

SECTION 61-420 Component of formula - entitlement amount  
61-420(1)
In section 61-415, the entitlement amount is the amount (rounded up to the nearest whole dollar) worked out using the formula:

where:

base amount
is the lesser of:

(a) one-fifth of your basic income tax liability for your *base year (as worked out in step 2 of the method statement in subsection 4-10(3)); and

(b) $2,500.

61-420(2)
However, if:

(a) the current income year is not your *base year; and

(b) your taxable income for the current income year is not more than $25,000; and

(c) the amount worked out under subsection (1) is less than $500;

then the entitlement amount is $500.

61-420(3)
If the amount worked out under subsection (1) is negative, then, unless subsection (2) applies, the entitlement amount is nil.

S 61-420 inserted by No 32 of 2002.