Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 61.110

  (1)   You are entitled to a * tax offset for the 2020 - 21 income year or a later income year if:

  (a)   you are an individual who is an Australian resident at any time during the income year; and

  (b)   your taxable income for the income year does not exceed $66,667.

  (2)   You are entitled to a * tax offset for the 2020 - 21 income year or a later income year if:

  (a)   for the income year, you are a trustee who is liable to be assessed under section   98 of the Income Tax Assessment Act 1936 in respect of a share of the * net income of a trust; and

  (b)   the beneficiary who is presently entitled to that share is an individual who is an Australian resident at any time during the income year; and

  (c)   that share does not exceed $66,667.

  (3)   If you are entitled to a * tax offset under subsection   (2), you are entitled to a separate tax offset for each beneficiary who is presently entitled to a share for which subsection   (2) is satisfied.