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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS    View history reference

Division 82 - Employment termination payments    View history reference

Subdivision 82-B - Employment termination payments: death benefits    View history reference

Guide to Subdivision 82-B

SECTION 82-60  

82-60  What this Subdivision is about  

 View history reference

If you receive a death benefit termination payment after the death of a person, part of the payment may be tax free (the tax free component).

You are entitled to a tax offset on the remaining part of the payment (the taxable component), subject to limitations.

The extent of your entitlement to the offset depends on whether or not you were a death benefits dependant of the deceased, and on the total amount of payments you receive in consequence of the same employment termination.

If a death benefit termination payment is payable to the trustee of the estate of the deceased for the benefit of another person, the payment is taxed in the hands of the trustee in the same way as it would be taxed if it had been paid directly to the other person.


TABLE OF SECTIONS
Operative provisions
 82-65Death benefits for dependants
 82-70Death benefits for non-dependants
 82-75Death benefits paid to trustee of deceased estate


 



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