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-L - Tax offset for Medicare levy surcharge (lump sum payments in arrears)  

Guide to Subdivision 61-L

SECTION 61-575   61-575   What this Subdivision is about  


You may get a tax offset under this Subdivision if:

  • (a) Medicare levy surcharge is payable by you for the current year; and
  • (b) a substantial lump sum was paid to you in the current year; and
  • (c) the lump sum accrued in whole or in part in a previous year.
  • The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your lump sums and your spouse ' s lump sums.

    Alternatively, you may get a tax offset under this Subdivision if your spouse gets a tax offset under this Subdivision. The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your spouse ' s lump sums.


    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    61-580 Entitlement to a tax offset
    61-585 The amount of a tax offset
    61-590 Definition of MLS lump sums


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