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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 61-590  

61-590  Definition of MLS lump sums  

 View history reference
Both of the following are MLS lump sums paid to an individual:


(a) a lump sum payment of eligible income (within the meaning of section 159ZR of the Income Tax Assessment Act 1936) that is included in the individual's assessable income for the *current year (but only to the extent that it accrued in an earlier income year);


(b) a lump sum payment that is included in the individual's *exempt foreign employment income for the current year (but only to the extent that it accrued during a period ending more than 12 months before the date on which it was paid).


 



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