Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 61.585

The amount of a tax offset

  (1)   The amount of a * tax offset under subsection   61 - 580(1) is the amount worked out using the following formula:

Start formula Total Medicare levy surcharge minus Total non-arrears Medicare levy surcharge end formula

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 sums paid to the individual referred to in paragraph   61 - 580(2)(a)) were disregarded.

  (2)   The amount of a * tax offset under subsection   61 - 580(2) is the amount worked out using the following formula:

Start formula Total family Medicare levy surcharge minus Total non-arrears family Medicare levy surcharge end formula

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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