• T8 Other non-refundable tax offsets 2016

    Were you entitled to a tax offset for interest from the infrastructure borrowings scheme?

    or

    Did you perform work or services in the Joint Petroleum Development Area (JPDA) of the Timor Sea?

    No

    Go to T9 Other refundable tax offsets 2016, or return to main menu Individual tax return instructions 2016.

    Yes

    Read below.

    If you can claim more than one of the tax offsets listed above, you will need to add up all your tax offset amounts before writing the total on your tax return (supplementary section).

    Part A

    Were you entitled to a tax offset for interest from the infrastructure borrowings scheme?

    No

    Go to Part B.

    Yes

    Read on.

    You may be able to claim a tax offset if you elected to have interest derived from your investment in infrastructure borrowings included as part of your assessable income.

    Step 1

    Work out the amount of interest you received from infrastructure borrowings.

    Step 2

    Multiply the amount from step 1 by the corporate tax rate percentage that applies to the entity in question.

    In most cases the corporate tax rate percentage will be 30%. However, if the entity you derived interest from is a small business entity, that is, an entity with an aggregate annual turnover of less than $2 million, the corporate tax rate percentage will be 28.5%. If you are unsure of the corporate tax rate percentage of the entity you derived interest from, contact the entity.

    This is the tax offset for the interest you received. Keep a record of this amount. Read on.

    Part B

    Did you receive income for work or services performed in the Joint Petroleum Development Area (JPDA) of the Timor Sea?

    No

    Go to Completing this item, or return to main menu Individual tax return instructions 2016.

    Yes

    Read on.

    You will need a copy of the Timor Sea Treaty - Joint Petroleum Development Area instructions 2016 to work out how to deal with your JPDA income. The instruction sheet will tell you how to complete your tax return so that you receive the correct assessment.

    Completing this item

    Step 1

    Add up all your tax offset amounts at this item. Write the total at C item T8. Do not show cents.

    Step 2

    Complete the Claim Type box at the right of C item T8 as follows:

    • If you are claiming a tax offset under the infrastructure borrowings scheme under part A, print I in the Claim Type box.
    • If you are claiming a JPDA tax offset under part B, print H in the Claim Type box.
    • If you are claiming for more than one type of tax offset and code letters H and I both apply, choose the code letter that applies to the larger amount and print it in the Claim Type box.

    Where to go next

      Last modified: 26 May 2016QC 48921