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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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