Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

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History

Pt 2-20 inserted by No 56 of 1997.

Division 61 - Generally applicable tax offsets  

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History

Div 61 inserted by No 56 of 1997.

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

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Subdiv 61-L inserted by No 80 of 2006 , s 3 and Sch 6 item 4, effective 30 June 2006.

Guide to Subdivision 61-L

SECTION 61-575  

61-575   What this Subdivision is about  

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You may get a tax offset under this Subdivision if:

(a) Medicare levy surcharge is payable by you for the current year; and

(b) a substantial lump sum was paid to you in the current year; and

(c) the lump sum accrued in whole or in part in a previous year.

The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your lump sums and your spouse ' s lump sums.

Alternatively, you may get a tax offset under this Subdivision if your spouse gets a tax offset under this Subdivision. The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your spouse ' s lump sums.

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History

S 61-575 inserted by No 80 of 2006 , s 3 and Sch 6 item 4, effective 30 June 2006.

TABLE OF SECTIONS

TABLE OF SECTIONS

Operative provisions
61-580	Entitlement to a tax offset
61-585	The amount of a tax offset
61-590	Definition of MLS lump sums

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