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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

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

Subdivision 52-E - Exempt payments under the ABSTUDY scheme    View history reference

Operative provisions

SECTION 52-133  

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

 View history reference
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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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