Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-K repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years.

Subdiv 61-K inserted by No 77 of 2005.

S 61-550 repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years. S 61-550 formerly read:

SECTION 61-550 What this Subdivision is about  

You may get a tax offset under this Subdivision if you are an Australian resident individual who was born on or before 30 June 1957 and who has worked during the current year.

The amount of the offset depends on the amount of your net income from working, but is up to a maximum of $500. (Basically, your net income from working is the total of amounts of assessable income that are mainly a reward for your personal efforts or skills, less any relevant deductions.)

S 61-550 amended by No 184 of 2012, s 3 and Sch 2 item 1, by substituting " was born on or before 30 June 1957 and who has worked during the current " for " is aged 55 or over at the end of the income year and who has worked during the " , applicable to assessments for the 2012-13 income year and later income years.

S 61-550 inserted by No 77 of 2005.