Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 61 - Generally applicable tax offsets  

Subdivision 61-D - Low Income tax offset  

Operative provisions

SECTION 61-110   Entitlement to the Low Income tax offset  

61-110(1)    


You are entitled to a *tax offset for the 2020-21 income year or a later income year if:


(a) you are an individual who is an Australian resident at any time during the income year; and


(b) your taxable income for the income year does not exceed $66,667.


61-110(2)    


You are entitled to a *tax offset for the 2020-21 income year or a later income year if:


(a) for the income year, you are a trustee who is liable to be assessed under section 98 of the Income Tax Assessment Act 1936 in respect of a share of the *net income of a trust; and


(b) the beneficiary who is presently entitled to that share is an individual who is an Australian resident at any time during the income year; and


(c) that share does not exceed $66,667.


61-110(3)    
If you are entitled to a *tax offset under subsection (2), you are entitled to a separate tax offset for each beneficiary who is presently entitled to a share for which subsection (2) is satisfied.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.