TAX BONUS FOR WORKING AUSTRALIANS ACT (NO 2) 2009 (REPEALED)
In this Act:
adjusted tax liability
has the meaning given by subsection (2).
assessable income
has the meaning given by the
Income Tax Assessment Act 1997
.
Australian resident
has the meaning given by the
Income Tax Assessment Act 1997
.
basic income tax liability
means basic income tax liability worked out in accordance with step 2 of the method statement in subsection
4-10(3)
of the
Income Tax Assessment Act 1997
.
Commissioner
means the Commissioner of Taxation.
excepted assessable income
has the same meaning as in section
102AE
of the
Income Tax Assessment Act 1936
.
excepted person
has the same meaning as in section
102AC
of the
Income Tax Assessment Act 1936
.
general interest charge
means the charge worked out under Part
IIA
of the
Taxation Administration Act 1953
.
income tax return
has the meaning given by the
Income Tax Assessment Act 1997
.
income year
has the meaning given by the
Income Tax Assessment Act 1997
.
Medicare levy
means the Medicare levy imposed by the
Medicare Levy Act 1986
.
Medicare levy surcharge
has the meaning given by the
Income Tax Assessment Act 1997
.
prescribed person
has the same meaning as in section
102AC
of the
Income Tax Assessment Act 1936
.
taxable income
has the meaning given by the
Income Tax Assessment Act 1997
.
tax bonus
has the meaning given by subsection
5(1)
.
tax offset
has the meaning given by the
Income Tax Assessment Act 1997
.
4(2)
Work out a person ' s adjusted tax liability for an income year as follows:
(a) firstly, work out the sum of the following:
(i) the person ' s basic income tax liability for that income year;
(ii) the person ' s Medicare levy (if any) for that income year;
(iii) the person ' s Medicare levy surcharge (if any) for that income year;
(b) next, reduce the amount worked out under paragraph (a) by the sum of the person ' s tax offsets (if any) for that income year.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.