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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS    View history reference

Division 61 - Generally applicable tax offsets    View history reference

Subdivision 61-L - Tax offset for Medicare levy surcharge (lump sum payments in arrears)    View history reference

Guide to Subdivision 61-L

SECTION 61-575  

61-575  What this Subdivision is about  

 View history reference

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

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


 



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