• E Refundable tax offsets

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Show at E the total of the amounts at E1, E2, E3 plus any other refundable tax offset amounts.

    The tax offsets shown at E are refundable, although they must first be offset against gross tax to reduce it to zero, if there is any gross tax to be paid after C has been applied. Any excess of refundable tax offsets is shown at I Remainder of refundable tax offsets and is applied in calculating the fund’s tax liability or refund. See example 9a and example 9b.

    Other refundable tax offset amounts

    If the refundable tax offset for conservation tillage is applicable it is to be added into the total for E.

    Conservation tillage refundable tax offset
    The fund may be a qualifying primary producer that is entitled to a refundable tax offset for the purchase of a new eligible no-till seeder (‘eligible seeder’). The refundable tax offset is 15% of the cost of an eligible seeder and is only available for eligible seeders that are first used, or installed ready for use in the 2012-13, 2013-14 or 2014-15 income year.

    To be entitled to claim the refundable tax offset you need to hold a Research participation certificate for the relevant income year. These certificates are issued by the Department of Agriculture, Fisheries and Forestry.

    See also:

    ato.gov.au/tillageoffset

    Last modified: 02 Jun 2014QC 35420