Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-20
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TAX OFFSETS
(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.
Division 61
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Generally applicable tax offsets
Subdivision 61-L
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Tax offset for Medicare levy surcharge (lump sum payments in arrears)
Guide to Subdivision 61-L
SECTION 61-575
61-575
What this Subdivision is about
You may get a tax offset under this Subdivision if:
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.
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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