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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS    View history reference

History

Pt 2-20 inserted by No 56 of 1997.

Division 61 - Generally applicable tax offsets    View history reference

History

Div 61 inserted by No 56 of 1997.

Subdivision 61-K - Mature age worker tax offset  

History

Subdiv 61-K repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years.

Subdiv 61-K inserted by No 77 of 2005.

Operative provisions

SECTION 61-570  

61-570  Definition of net income from working  

(Repealed by No 20 of 2015)

History

S 61-570 repealed by No 20 of 2015, s 3 and Sch 1 item 2, applicable to assessments for the 2014-15 income year and later income years. S 61-570 formerly read:

SECTION 61-570 Definition of net income from working  
61-570(1) Your net income from working for an income year is the sum of the following amounts (excluding amounts covered by subsection (2)):


(a) your assessable income for the year to the extent that it consists of the following:


(i) *personal services income;

(ii) assessable income from a *business you carry on;

(iii) an amount included under section 393-10 as a result of the repayment of a *farm management deposit;


(b) your *reportable fringe benefits total for the year;


(c) the total of your *reportable employer superannuation contributions for the year;

less the sum of any amounts you can deduct for the year to the extent that they relate to assessable income mentioned in subparagraph (a)(i) or (ii).

History

S 61-570(1) amended by No 79 of 2010 , s 3 and Sch 4 item 41, by substituting " section 393-10 " for " section 393-15 of Schedule 2G to the Income Tax Assessment Act 1936 " in para (a)(iii), applicable to assessments for: (a) the 2010-11 income year; and (b) later income years.

S 61-570(1) amended by No 27 of 2009, s 3 and Sch 3 item 44, by inserting para (c), applicable in relation to income years starting on or after 1 July 2009.


61-570(2) Your net income from working for an income year does not include your assessable income for the year to the extent that it consists of the following:


(a) amounts of *superannuation lump sums or *employment termination payments;


(b) amounts of *unused annual leave payments or *unused long service leave payments;


(c) amounts of passive income (within the meaning of section 6 of the Income Tax Assessment Act 1936 ).

History

S 61-570(2) amended by No 143 of 2007 , s 3 and Sch 1 item 142, by substituting " section 6 " for " subsection 160AEA(1) " in para (c), applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under Div 770 heading .

S 61-570(2) amended by No 15 of 2007, s 3 and Sch 1 item 182, by substituting paras (a) and (b), applicable to the 2007-2008 income year and later years. Paras (a) and (b) formerly read:


(a) amounts of *eligible termination payments;


(b) amounts to which section 26AC or 26AD of the Income Tax Assessment Act 1936 applies (about annual or long service leave payments);


61-570(3) For the purposes of paragraph (1)(c), reduce (but not below zero) your * reportable employer superannuation contributions by the amount of any * excess concessional contributions you have for the * financial year corresponding to the income year.

History

S 61-570(3) amended by No 118 of 2013, s 3 and Sch 1 item 18, by substituting " any * excess concessional contributions you have " for " any contributions disregarded under section 292-467 for you " , effective 29 June 2013. For application, transitional and saving provisions see note under Div 291 heading.

S 61-570(3) inserted by No 75 of 2012, s 3 and Sch 4 item 6, applicable in relation to excess concessional contributions for the financial year beginning on 1 July 2011 and later financial years.

S 61-570 inserted by No 77 of 2005.


 



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