Document ID: chunk:federal_register_of_legislation:C2020C00332:clause:1_4:p2
Version: federal_register_of_legislation:C2020C00332
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 2/2)
Character Range: 10042–11517

61‑110  Entitlement to the Low Income tax offset
 (1) You are entitled to a *tax offset for the 2022‑23 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 2022‑23 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.

61‑115  Amount of the Low 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 61‑110(2).

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