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INCOME TAX ASSESSMENT ACT 1997 - SECT 61.575 What this Subdivision is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 61.575

What this Subdivision is about

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 - 580   Entitlement to a tax offset

61 - 585   The amount of a tax offset

61 - 590   Definition of MLS lump sums

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