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Subdiv 61-K repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years.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S 61-565 repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years.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 61-565 formerly read:

SECTION 61-565 The amount of the tax offset  
61-565(1)
If your *net income from working for the income year is equal to or less than $53,000, the amount of the *tax offset is the lesser of the amount worked out under the following formula and $500:

5% × Your net income from working for the year

61-565(2)
If your *net income from working for the income year is greater than $53,000, the amount of the *tax offset is the amount worked out under the following formula (but not below nil):

Special rule for the 2004-2005 income year

61-565(3)
For the 2004-2005 income year, references in subsections (1) and (2) to $53,000 are taken instead to be references to $48,000.

S 61-565 inserted by No 77 of 2005.