INCOME TAX ASSESSMENT ACT 1997 (ARCHIVE)

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 61 - Generally applicable tax offsets  

Subdivision 61-G - Private health insurance offset complementary to Private Health Insurance Incentives Act 1997  

Operative provisions

SECTION 61-310 (ARCHIVE)   Amount of the private health insurance tax offset  

61-310(1)    
The amount of the *tax offset is:

(a) if the premiums in respect of which you are entitled to the tax offset cover the whole of the income year - the annual incentive amount for the private health insurance policy in question; or

(b) if those premiums cover only part of the income year - the amount worked out as follows:

Annual incentive amount

×

Number of days covered by those premiums           during the income year           Number of days in the income year

61-310(2)    
In subsection (1):

annual incentive amount
means the annual incentive amount for the private health insurance policy under section 5-3 of the Private Health Insurance Incentives Act 1997 .

61-310(3)    
However, if 2 or more persons are entitled to the *tax offset in respect of those premiums, each person having made payments in respect of those premiums, the amount of the tax offset is the amount worked out as follows:

Amount of tax offset under subsection (1)

×

Amount paid by you     in respect of those premiums   Total amount paid in respect of those premiums

61-310(4)    
For the purposes of subsection (3), a payment made jointly in respect of a premium by 2 or more persons is taken to be a separate payment, made by each of them, of an amount equal to the joint payment divided by the number of persons who made it.

61-310(5)    
For the purposes of subsection (3), if:

(a) 2 or more persons are entitled to the *tax offset in respect of those premiums; and

(b) payments have been made in respect of those premiums by another person who is not entitled to the tax offset;

each of the persons entitled to the tax offset is taken to have made a payment in respect of those premiums of an amount equal to the amount of the payments made by the other person divided by the number of persons entitled to the tax offset.