Income year or taxpayer dies 338 plus 50 of the

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income year or taxpayer dies – $338 plus 50% of the “concessional rebate amount” Where overseas service is for not more than half the income year – the amount the Commissioner considers reasonable
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Foundations of Taxation Law [¶10.3](i) © CCH Australia Limited Pensioners and beneficiary tax  Pensioners and beneficiary tax  offset offset Applies to pensioners and persons who receive  certain social security allowances  Tax offset is means-tested 
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Foundations of Taxation Law [¶10.3](j) © CCH Australia Limited Senior Australians tax offset Senior Australians tax offset Applies to age pensioners and certain veterans Maximum tax offset (2009/10): Single person – $2,230  Member of couple  – $1,602  Tax offset is subject to “shading out rules” – reduced  by 12.5 cents for each dollar that: Single person’s adjusted taxable income is over  $29,867 Member of a couple’s adjusted taxable income is  over $25,680
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Foundations of Taxation Law [¶10.3](k) © CCH Australia Limited Entrepreneur’s tax offset Entrepreneur’s tax offset Applies to small business entities Tax offset is broadly 25% of the entity’s “net small  business entity income” Tax offset phased out where the “small business  entity turnover” is between $50,000 and $75,000 Eligibility for tax offset is restricted where person’s adjusted taxable income for the year exceeds $70,000 ($120,000 for person’s with families)
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Foundations of Taxation Law [¶10.3](l) © CCH Australia Limited Mature age worker tax offset Mature age worker tax offset Applies to resident individuals who are at least 55  years of age at the end of the income year and who  have worked during the year  Tax offset is 5% of the taxpayer’s “net income from  working” Tax offset is phased out at the rate of 5% for each  dollar of net income from working that exceeds  $53,000
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Foundations of Taxation Law [¶10.3](m) © CCH Australia Limited Education expenses tax offset Education expenses tax offset Applies to: Taxpayers entitled to Family Tax Benefit Part A Other specified taxpayers who care for a child Refundable tax offset of 50% of up to: $750 of eligible education expenses (primary  school child) $1,500 of eligible education expenses (secondary  school child)  Eligible education expenses include: Textbooks Computers
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Foundations of Taxation Law [¶10.4](a) © CCH Australia Limited Averaging tax offsets Averaging tax offsets Primary production tax offset Applies to individuals who carry on primary  production businesses Ensures taxable income is averaged over periods  of up to five years Termination payment tax offset
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