Other non-refundable tax offsets that you may be able to claim are:
- interest from the infrastructure borrowings scheme
- income received for work or services performed in the Joint Petroleum Development Area (JPDA) of the Timor Sea.
Interest from the infrastructure borrowings scheme
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 base rate entity, the corporate tax rate percentage will be 27.5%. 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.
Income received for work or services performed in the Joint Petroleum Development Area (JPDA) of the Timor Sea
To work out how to deal with your JPDA income, see Timor Sea Treaty - Joint Petroleum Development Area instructions.
Completing this section
We have shown the total of your other non-refundable tax offset for income earned in a JPDA from the Payment summaries section. You do not need to enter that amount here.
- Add up all your other non-refundable tax offset amounts from:
- tax offset amount related to your JPDA income that you have not shown in the Payment summaries section
- tax offset amount under the infrastructure borrowing scheme
- Enter the total amount into Offset amount.
- Select the Other non-refundable tax offset claim type as follows:
- if you are only claiming an offset under the infrastructure borrowing scheme, select I
- if you are only claiming a JPDA offset, select H
- if you claiming both tax offsets, select the claim type that applies to the larger amount
- if your claim is for the JPDA tax offset and you have shown it in the Payment summaries section, myTax will automatically use claim type H. You can change the claim type here if you are also claiming an offset under the infrastructure borrowing scheme.
- Select Save and continue when you have completed the Offsets section.