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-N - Seafarer tax offset  

Operative provisions

SECTION 61-710   61-710   Amount of the seafarer tax offset  


The amount of the company ' s * tax offset for the income year is the amount (rounded up to the nearest whole dollar) worked out using the formula:

Gross payment amounts × 30 %

where:

gross payment amounts
means the total amount of * withholding payments covered by section 12-35 or subsection 12-60(1) in Schedule 1 to the Taxation Administration Act 1953 payable by the company in the income year:


(a) to individuals in respect of whom the company has 91 days or more in the income year that qualify for the offset as mentioned in subsection 61-705(2) ; and


(b) in respect of any of the following:


(i) the employment of, or the work or services performed by, such individuals in relation to which the company so qualifies for the offset;

(ii) leave accrued by such individuals during such employment, work or services;

(iii) training of such individuals that relates to such employment, work or services.


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