Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 83.85

Entitlement to tax offset

  (1)   You are entitled to a * tax offset on an * unused long service leave payment that ensures that the rate of income tax on the amount of the payment mentioned in subsection   (2) does not exceed 30%.

  (2)   The amount is the part of the * unused long service leave payment included in your assessable income under subsection   83 - 80(1):

  (a)   to the extent that it is attributable to the * pre - 18/8/93 period; and

  (b)   to the extent that it is attributable to the * post - 17/8/93 period, if the payment was made in connection with a payment that includes, or consists of, any of the following:

  (i)   a * genuine redundancy payment; or

  (ii)   an * early retirement scheme payment; or

  (iii)   an * invalidity segment of an * employment termination payment or a * superannuation benefit.


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