Do you have an unused 'landcare and water facility' tax offset from a previous year that you can use this year?
No |
Go to T8 Early stage venture capital limited partnership 2017, or go back to the Individual tax return instructions 2017. |
Yes |
Read on. |
You need to know
This question applies only if your income tax liabilities from earlier years have not 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 is shown on your notice of assessment for the year ending 30 June 2016.
There is no limit to the number of years you can carry forward any balance of landcare and water facility tax offset.
Unused net exempt income
Your brought-forward landcare and water facility tax offset must be successively reduced by any unused net exempt income derived in the year the tax offset arose and any subsequent year, provided you had a taxable income in 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. Exempt income is explained in Amounts that you do not pay tax on 2017.
If you have unused net exempt income and you had taxable income this year you must reduce your brought-forward landcare and water facility tax offset by 30 cents for every dollar of unused net exempt income, or by 27.5 cents for every dollar of unused net exempt income if you are a small business entity.
If you do not have any unused net exempt income, go to Completing this item.
If you have unused net exempt income, phone 13 28 66 for more information on how to calculate the brought-forward landcare and water facility tax offset.
What you need
Your notice of assessment for the year ending 30 June 2016.
Completing this item
Write the amount of brought-forward landcare and water facility tax offset at T item T7 on your tax return.
Where to go next
- Go to question T8 Early stage venture capital limited partnership 2017
- Return to main menu Individual tax return instructions 2017
- Go back to question T6 Invalid and invalid carer 2017