Applies to individuals who receive employment

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Applies to individuals who receive employment  termination, unused annual leave or unused long  service leave payments Ensures rates of tax payable does not exceed  specified rates
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Foundations of Taxation Law [¶10.4](b) © CCH Australia Limited Averaging tax offsets (cont) Averaging tax offsets (cont) Income arrears tax offset Applies to individuals who receive “eligible lump  sums” which accrued in earlier years (more than  12 months before paid) Alleviates bunching effect Medicare levy surcharge lump sum arrears offset Applies to individuals who have an increased  Medicare levy surcharge liability because they  receive lump sums in arrears Reduces additional Medicare levy surcharge
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Foundations of Taxation Law [¶10.5] © CCH Australia Limited Incentive-related tax offsets Incentive-related tax offsets Superannuation tax offset Applies to taxpayers who make spouse  superannuation contributions and who receive  certain superannuation benefits Film production tax offset  Applies to qualifying Australian production  expenditure on certain films National rental affordability scheme tax offset Applies to taxpayers participating in the National  Rental Affordability Scheme
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Foundations of Taxation Law [¶10.6] © CCH Australia Limited Credit-related tax offsets Credit-related tax offsets Franking credit Applies to resident entities that receive “franked  distributions” from companies Tax offset is generally equal to the “franking credit” Foreign income tax offset Applies to taxpayers who pay foreign tax on their  income Generally, tax offset is the amount of the foreign  tax paid on the income However, tax offset cannot exceed the Australian  tax paid on the income
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