Things you need to know
This question only applies if your tax liabilities from earlier years haven't absorbed all of the excess or unused landcare and water facility tax offset available to you. The amount of your excess or unused tax offset shows on your notice of assessment or amended notice of assessment for the year ending 30 June 2024.
There is no limit on the number of years you can carry forward any balance of landcare and water facility tax offset.
If you don't have an unused landcare and water facility tax offset from an earlier year that you can use this year, go to question T7 Early stage venture capital limited partnership 2025.
Unused net exempt income
Any unused landcare and water facility tax offset that you carry forward from the earlier year may need to be adjusted for any net exempt income. For an explanation of exempt income, see Amounts that you don't pay tax on 2025.
If you don't have any unused net exempt income, go to Completing your supplementary tax return.
The landcare and water facility tax offset you carry forward from an earlier year is reduced by $0.30 for every dollar of unused net exempt income, if you had taxable income for that year. Unused net exempt income is any net exempt income left after deducting any tax losses of earlier income years from that year's net exempt income.
If you have unused net exempt income and are unsure how to calculate the landcare and water facility tax offset you carry forward from an earlier year, contact us. Otherwise, read on.
What you need to answer this question
You'll need your notice of assessment or amended notice of assessment for the income year ending 30 June 2024.
Completing your supplementary tax return
Write the amount of landcare and water facility tax offset you carry forward at question T6 – label T in your supplementary tax return.
Where to go next
- Go to question T7 Early stage venture capital limited partnership 2025.
- Return to main menu Individual supplementary tax return instructions 2025.
- Go back to question T5 Invalid and invalid carer 2025.