Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 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.
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