Show download pdf controls
  • Working out your income for MLS purposes

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    To work out your and your spouse's income for MLS purposes, complete Worksheet 1 below.

    If you had exempt foreign employment income, and your taxable income is $1 or more, add your exempt foreign income to your taxable income, and write the total at row a in Worksheet 1.

    If you were aged from your preservation age to under 60 years old, write at row k the taxed element amount of superannuation lump sums, other than a death benefit, you received during 2018–19 that do not exceed your low rate cap. The same applies for your spouse (see Superannuation lump sums and income for MLS purposes).

    If you did not have a spouse, leave the spouse's income amounts blank.

    If your spouse was under a legal disability, write at row h in the spouse column your spouse's net income from a trust for which the trustee was liable to pay tax. Examples of a legal disability include being:

    • a bankrupt
    • a person who has been declared legally incapable because of a mental condition
    • under 18 years old on 30 June 2019.

    Do not include any amount that has already been included in your spouse's taxable income at row a.

    Write at row c the total amount of distributions to you or your spouse:

    • on which family trust distribution tax has been paid, and
    • which you or your spouse would have had to show as assessable income if the tax had not been paid.
    Worksheet 1

    Row

    Working out income for MLS purposes

    You

    Spouse

    a

    Taxable income (excluding any assessable First home super saver released amount)

    $           

    $           

    b

    Total reportable fringe benefits amount

    This is the sum of:

    • Your reportable fringe benefits amounts from employers exempt from FBT under section 57A of FBTAA 1986
    • Your reportable fringe benefits amounts from employers not exempt from FBT under section 57A of FBTAA 1986

    $

    $

    c

    Amount on which family trust distribution tax has been paid

    $

    $

    d

    Net financial investment loss

    $

    $

    e

    Net rental property loss

    $

    $

    f

    Reportable employer superannuation contributions

    $

    $

    g

    Deductible personal superannuation contributions

    $

    $

    h

    Your spouse's share of the net income of a trust on which the trustee must pay tax

    -

    $

    j

    Add the amounts from row a to row h in each column.

    $

    $

    k

    If you or your spouse were aged from your preservation age to under 60 years old, write here the taxed element amount of superannuation lump sums, other than a death benefit, received during 2018–19 that do not exceed your or your spouse's low rate cap (see Superannuation lump sums and income for MLS purposes).

    $

    $

    l

    Take row k away from row j.

    This is each individual's income for MLS purposes.

    $

    $

    n

    Add the amount from row l in your column to the amount from row l in your spouse's column.

    $

    -

    Your income for MLS purposes when you are single is the amount at row l in your column.

    Your combined income for MLS purposes is the amount at row n.

      Last modified: 24 Sep 2020QC 59101