Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 65 inserted by No 91 of 1998.

S 65-25 repealed by No 58 of 2006 , s 3 and Sch 7 item 65, applicable to assessments for the 2006-07 income year and later income years. S 65-25 formerly read:

SECTION 65-25 When you can carry forward a tax offset  
65-25(1)
You can carry forward a *tax offset if the amount of the tax offset exceeds the amount of income tax that you would have to pay if:

(a) you had not got the tax offset; and

(b) you had not got any *tax offsets that are of a higher priority.

Note:

Section 65-35 explains how to apply tax offsets that are carried forward.

65-25(2)
The following table sets out the order of priority for *tax offsets (with the highest priority shown first):

Priority of tax offsets (highest to lowest)
Item	Tax offset	Relevant provision
1A	*tax offsets that are subject to the refundable tax offset rules	Division 67
.
1	foreign tax credits	section 160AFE of the Income Tax Assessment Act 1936
.
2	landcare and water facility tax offset	the former Subdivision 388-A
.
2A	child care tax offset	Subdivision 61-IA
.
3	all other tax offsets	listed in section 13-1

Note:

Division 388 was repealed by the New Business Tax System (Capital Allowances - Transitional Provisions and Consequential Amendments) Act 2001 .

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History

S 65-25(2) amended by No 160 of 2005 and No 66 of 2003.

S 65-25 amended by No 77 of 2001, No 128 of 1998 and inserted by No 91 of 1998.