Document ID: chunk:federal_register_of_legislation:C2020C00332:clause:1_1
Version: federal_register_of_legislation:C2020C00332
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 5103–7447

1  After Subdivision 61‑A
Insert:

Subdivision 61‑D—Low and Middle Income tax offset and Low Income tax offset

Guide to Subdivision 61‑D

61‑100  What this Subdivision is about

      You may be entitled to a tax offset if you:
             (a) are a lower‑income earner; or
             (b) are the trustee of a trust who is liable to be assessed in respect of a share of the trust's net income to which a beneficiary is presently entitled.

Table of sections

Operative provisions
61‑105 Entitlement to the Low and Middle Income tax offset
61‑107 Amount of the Low and Middle Income tax offset
61‑110 Entitlement to the Low Income tax offset
61‑115 Amount of the Low Income tax offset

Operative provisions

61‑105  Entitlement to the Low and Middle Income tax offset
 (1) You are entitled to a *tax offset for the 2018‑19, 2019‑20, 2020‑21 or 2021‑22 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 $125,333.
 (2) You are entitled to a *tax offset for the 2018‑19, 2019‑20, 2020‑21 or 2021‑22 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 $125,333.
 (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.
Note: This section will be repealed on 1 July 2024 by the Treasury Laws Amendment (Personal Income Tax Plan) Act 2018.

61‑107  Amount of the Low and Middle Income tax offset

General rule
 (1) The amount of your *tax offset is set out in the following table in respect of the following income (your relevant income):
 (a) if you are an individual—your taxable income for the income year;
 (b) if you are a trustee—the amount of the share of *net income referred to in subsection 61‑105(2).

Amount of your tax offset
Item                       If your relevant income:                       The amount of your tax offset is: