Income Tax Assessment Act 1997
SECTION 61-710 61-710 Amount of the seafarer tax offset
The amount of the company ' s * tax offset for the income year is the amount (rounded up to the nearest whole dollar) worked out using the formula:
Gross payment amounts × 30 %
where:
gross payment amounts
means the total amount of
*
withholding payments covered by section
12-35
or subsection
12-60(1)
in Schedule
1
to the
Taxation Administration Act 1953
payable by the company in the income year:
(a) to individuals in respect of whom the company has 91 days or more in the income year that qualify for the offset as mentioned in subsection 61-705(2) ; and
(b) in respect of any of the following:
(i) the employment of, or the work or services performed by, such individuals in relation to which the company so qualifies for the offset;
(ii) leave accrued by such individuals during such employment, work or services;
(iii) training of such individuals that relates to such employment, work or services.
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