Deductions for life insurance and retirement contributions expand allowable tax relief and define eligibility and limits. Chapter VIA establishes deductions for life insurance premiums, deferred annuity contracts, provident and approved superannuation fund contributions, specified Post Office deposits and certain salary deductions, calculated by prescribed percentages of aggregate qualifying payments and subject to limits by taxpayer category; ordering rules prescribe set off against salary then other earned and unearned income, with transitional application dates tied to tax deduction at source. It also allows deductions for medical treatment of certified handicapped dependants and provides relief for approved retirement annuity contracts subject to Commissioner approval, contract conditions, caps, exclusions and administrative rules.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deductions for life insurance and retirement contributions expand allowable tax relief and define eligibility and limits.
Chapter VIA establishes deductions for life insurance premiums, deferred annuity contracts, provident and approved superannuation fund contributions, specified Post Office deposits and certain salary deductions, calculated by prescribed percentages of aggregate qualifying payments and subject to limits by taxpayer category; ordering rules prescribe set off against salary then other earned and unearned income, with transitional application dates tied to tax deduction at source. It also allows deductions for medical treatment of certified handicapped dependants and provides relief for approved retirement annuity contracts subject to Commissioner approval, contract conditions, caps, exclusions and administrative rules.
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