Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 61.710

    The amount of the company's * tax offset for the income year is the amount (rounded up to the nearest whole dollar) worked out using the formula:

where:

"gross payment amounts" means the total amount of * withholding payments covered by section   12 - 35 or subsection   12 - 60(1) in Schedule   1 to the Taxation Administration Act 1953 payable by the company in the income year:

  (a)   to individuals in respect of whom the company has 91 days or more in the income year that qualify for the offset as mentioned in subsection   61 - 705(2); and

  (b)   in respect of any of the following:

  (i)   the employment of, or the work or services performed by, such individuals in relation to which the company so qualifies for the offset;

  (ii)   leave accrued by such individuals during such employment, work or services;

  (iii)   training of such individuals that relates to such employment, work or services.