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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

Operative provisions

SECTION 61-585  The amount of a tax offset  

 View history reference

61-585(1)  

The amount of a *tax offset under subsection 61-580(1) is the amount worked out using the following formula:
Total Medicare levy surcharge-Total non-arrears Medicare levy surcharge

where:

total Medicare levy surcharge means the total of the *Medicare levy surcharge referred to in paragraph 61-580(1)(b) that is payable by you for the *current year.

total non-arrears Medicare levy surcharge means the amount that would be the total Medicare levy surcharge if the *MLS lump sums paid to you (and the MLS lump sumps paid to the individual referred to in paragraph 61-580(2)(a) ) were disregarded.

61-585(2)  

The amount of a *tax offset under subsection 61-580(2) is the amount worked out using the following formula:
Total family Medicare levy surcharge-Total non-arrears family Medicare levy surcharge

where:

total family Medicare levy surcharge means the total of the *Medicare levy surcharge referred to in paragraph 61-580(2)(c) that is payable by you for the *current year.

total non-arrears family Medicare levy surcharge means the amount that would be the total family Medicare levy surcharge if the *MLS lump sums referred to in paragraph 61-580(2)(e) were disregarded.


 



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