531L Restriction on deduction

Summary

Income levy is in addition to other tax liabilities and cannot be used as a credit for other tax liabilities due.

Details

(1) Subsection (1) provides that the income levy paid in a year of assessment is in addition to other tax liabilities and cannot be used as a credit to reduce other tax liabilities due for that year of assessment.

(2) Subsection (2) provides that excess tax credits or reliefs that an individual may have cannot be set off against, or used in any manner, to reduce an individual’s liability to the income levy.

Relevant Date: Finance Act 2021