Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 61 - Generally applicable tax offsets  

Subdivision 61-L - Tax offset for Medicare levy surcharge (lump sum payments in arrears)  

Operative provisions

SECTION 61-585   The amount of a tax offset  

61-585(1)    
The amount of a *tax offset under subsection 61-580(1) is the amount worked out using the following formula:

Total Medicare levy surcharge

−

Total non-arrears Medicare levy surcharge

where:

total Medicare levy surcharge
means the total of the *Medicare levy surcharge referred to in paragraph 61-580(1)(b) that is payable by you for the *current year.

total non-arrears Medicare levy surcharge
means the amount that would be the total Medicare levy surcharge if the *MLS lump sums paid to you (and the MLS lump sumps paid to the individual referred to in paragraph 61-580(2)(a) ) were disregarded.

61-585(2)    
The amount of a *tax offset under subsection 61-580(2) is the amount worked out using the following formula:

Total family Medicare levy surcharge

−

Total non-arrears family Medicare levy surcharge

where:

total family Medicare levy surcharge
means the total of the *Medicare levy surcharge referred to in paragraph 61-580(2)(c) that is payable by you for the *current year.

total non-arrears family Medicare levy surcharge
means the amount that would be the total family Medicare levy surcharge if the *MLS lump sums referred to in paragraph 61-580(2)(e) were disregarded.