INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 52 - Certain pensions, benefits and allowances are exempt from income tax  

Subdivision 52-E - Exempt payments under the ABSTUDY scheme  

Operative provisions

SECTION 52-133   52-133   Tax-free amount of ordinary payment on death of partner if no bereavement payment payable  


This is how to work out the tax-free amount of an *ordinary payment for the purposes of subsection 52-131(4) : Method statement

Step 1.

Work out the *supplementary amount of the payment.

Note:

The supplementary amount is also exempt and is worked out under section 52-132 .


Step 2.

Subtract the *supplementary amount from the amount of the payment.


Step 3.

Work out what would have been the amount of the payment if your partner had not died.


Step 4.

Work out what would have been the *supplementary amount of the payment if your partner had not died.


Step 5.

Subtract the amount at Step 4 from the amount at Step 3.


Step 6.

Subtract the amount at Step 5 from the amount at Step 2: the result is the tax-free amount .


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.