S 61-340 repealed by No 32 of 2007, s 3 and Sch 3 item 9, applicable in relation to the 2007-2008 income year and later income years. S 61-340 formerly read:
SECTION 61-340 Amount of the private health insurance tax offset
61-340(1)
The amount of the *tax offset for a premium, or an amount in respect of a premium, paid under a policy for the 1998-99 income year depends upon whether or not a person was registered, or eligible to apply for registration, before 1 January 1999 under the
Private Health Insurance Incentives Act 1997
in respect of the policy for the income year.
61-340(2)
If no person was so registered or eligible to apply for registration, the amount of the *tax offset is 30% of the premium, or of the amount in respect of a premium, paid by you, or by your employer as a *fringe benefit for you, under the policy for the income year.
61-340(3)
If a person was so registered or eligible to apply for registration, the amount of the *tax offset is the greater of the amount worked out under paragraph (a) and the amount worked out under paragraph (b):
(a)
30% of:
(i)
the amount of the premium, or the amount in respect of a premium, paid by you, or by your employer as a *fringe benefit for you, under the policy for the income year; or
(ii)
if, because of the operation of the
Private Health Insurance Incentives Act 1997
, that amount was less than the amount that would otherwise have been payable
-
the amount that would otherwise have been payable; and
(b)
the incentive amount for the policy for the income year.
61-340(4)
The amount of the *tax offset for a premium, or an amount in respect of a premium, paid under a policy for a later income year depends upon whether or not a person was registered, or eligible to apply for registration, before 1 January 1999 under the
Private Health Insurance Incentives Act 1997
in respect of the policy for the 1998-99 income year.
61-340(5)
If no person was so registered or eligible to apply for registration, the amount of the *tax offset is the sum of the following amounts:
(a)
30% of the amount of the premium, or of the amount in respect of a premium, paid by you, or by your employer as a *fringe benefit for you, under the policy in respect of days in the later income year on which no person covered by the policy was aged 65 years or over;
(b)
35% of the amount of the premium, or of the amount in respect of a premium, paid by you, or by your employer as a *fringe benefit for you, under the policy in respect of days in the later income year on which:
(i)
at least one person covered by the policy was aged 65 years or over; and
(ii)
no person covered by the policy was aged 70 years or over;
(c)
40% of the amount of the premium, or of the amount in respect of a premium, paid by you, or by your employer as a *fringe benefit for you, under the policy in respect of days in the later income year on which at least one person covered by the policy was aged 70 years or over.
History
S 61-340(5) substituted by No 9 of 2005.
61-340(6)
If a person was so registered or eligible to apply for registration, the amount of the *tax offset is the greater of:
(a)
the sum of the amounts referred to in paragraphs (5)(a), (b) and (c); and
(b)
the incentive amount for the policy for the later income year.
History
S 61-340(6) substituted by No 9 of 2005.
61-340(7)
In working out an amount of a *tax offset for an amount paid by you, or by your employer as a *fringe benefit for you, under a policy, disregard any part of the amount paid that relates to a period before 1 January 1999.
61-340(8)
If, because of the operation of the
Private Health Insurance Incentives Act 1997
, an amount paid by you, or by your employer as a *fringe benefit for you, under a policy for a period after 31 December 1998 was less than the amount that would otherwise have been payable, the *tax offset in respect of the amount paid is reduced by the amount of the difference.
S 61-340 inserted by No 128 of 1998.
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