INCOME TAX ASSESSMENT ACT 1997
In section 61-415 , the entitlement amount is the amount (rounded up to the nearest whole dollar) worked out using the formula:
(a) one-fifth of your basic income tax liability for your *base year (as worked out in step 2 of the method statement in subsection 4-10(3) ); and
(b) $2,500. 61-420(2)
(a) the current income year is not your *base year; and
(b) your taxable income for the current income year is not more than $25,000; and
(c) the amount worked out under subsection (1) is less than $500;
then the entitlement amount is $500.61-420(3)
If the amount worked out under subsection (1) is negative, then, unless subsection (2) applies, the entitlement amount is nil.
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