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 and Middle Income tax offset and 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 2022-23 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 2022-23 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.


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