Things to know
This section 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 landcare and water facility 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.
Completing this section
You'll need your notice of assessment or amended notice of assessment for the income year ending 30 June 2024 that should show the amount of your excess or unused landcare and water facility tax offset.
To personalise your tax return to show a landcare and water facility tax offset, at Personalise return, select:
- You are claiming tax offsets or adjustments
- Other tax offsets
To show your landcare and water facility tax offset, at Prepare return select 'Add/Edit' at the Offsets banner.
Use the following steps to work out your tax offset and show it at the Landcare and water facility heading:
- Do you have any excess or unused landcare and water facility tax offset carried forward from an earlier year?
The excess or unused amount will be shown on your notice of assessment or amended notice of assessment for the year ended 30 June 2024.
No – you're not eligible to claim a landcare and water facility tax offset.
Yes – go to Working out your landcare and water facility tax offset amount. - Enter the amount from row d in Worksheet 1 at Offset amount.
- Select Save and continue when you have completed the Offsets section.
Working out your landcare and water facility tax offset amount
Step 1: Excess or unused landcare and water facility tax offset carried forward from the previous year
Show the amount of any excess or unused landcare and water facility tax offset carried forward from an earlier year at row a in Worksheet 1.
Step 2: Unused net exempt income
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.
For more information, see Amounts that you do not pay tax on.
Do you have any unused net exempt income?
No – show zero (0) at rows b and c in Worksheet 1. Go to step 4.
Yes – show the amount of unused net exempt income at row b in Worksheet 1. Go to step 3.
Step 3: Multiply unused net exempt income by 30%
The landcare and water facility tax offset you carried forward from an earlier year is reduced by $0.30 for every dollar of unused net exempt income, provided you had taxable income for that year.
Multiply the unused net exempt income amount at row b by 30%. Show that amount at row c in Worksheet 1.
If you have unused net exempt income and are unsure how to calculate the landcare and water facility tax offset you carried forward from an earlier year, contact us for more information.
Step 4: Calculate tax offset amount
Subtract row c from row a and show that amount at row d in Worksheet 1.
This is your landcare and water facility tax offset amount.
Return to step 2 in Completing this section.
|
Row |
Description |
Amount |
|---|---|---|
|
a |
Excess or unused landcare and water facility tax offset carried forward from a previous year |
$ |
|
b |
Unused net exempt income |
$ |
|
c |
Multiply row b by 30% |
$ |
|
d |
Subtract row c from row a This is your offset amount. Show it at Offset amount in myTax. |
$ |