Special zone B tax offsetSpecial zone B tax offset

Special zone B tax offset

(2) If:

(a) a person was resident on King Island or the Furneaux Group of Islands at anytime during the period 1 July 1990 to 30 June 1997; and

(b) that person:

(i) has made a claim for a special zone B tax offset from the ATO for the period, or part of the period, referred to in paragraph (a); and

(ii) the ATO has reassessed that person’s special zone B tax offset for that period, or part of that period; and

(iii) the ATO reassessment results in that person receiving an increased tax offset;

then, subject to clause 2.2:

(c) the increased tax offset payment mentioned in subparagraph 2.1(2)(b)(iii) is an exempt lump sum.

2.2 Application—Exempt Lump Sums

It is appropriate to determine that an amount, or class of amounts paid, to a person as mentioned in subparagraph 2.1(2)(b)(iii) is an exempt lump sum for the purposes of paragraph 8(11)(d) of the Act from the date that the payment is made.