Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-15 - NON-ASSESSABLE INCOME

View history reference

Division 52 - Certain pensions, benefits and allowances are exempt from income tax

Subdivision 52-E - Exempt payments under the ABSTUDY scheme

Operative provisions

SECTION 52-133

52-133 Tax-free amount of ordinary payment on death of partner if no bereavement payment payable

This is how to work out the tax-free amount of an *ordinary payment for the purposes of subsection 52-131(4) : Method statement

Step 1.

Work out the *supplementary amount of the payment.

The supplementary amount is also exempt and is worked out under section 52-132 .

Step 2.

Subtract the *supplementary amount from the amount of the payment.

Step 3.

Work out what would have been the amount of the payment if your partner had not died.

Step 4.

Work out what would have been the *supplementary amount of the payment if your partner had not died.

Step 5.

Subtract the amount at Step 4 from the amount at Step 3.

Step 6.

Subtract the amount at Step 5 from the amount at Step 2: the result is the tax-free amount .