Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-20
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TAX OFFSETS
Division 65
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Tax offset carry forward rules
Operative provisions
SECTION 65-30
Amount carried forward
65-30(1)
The amount of the *tax offset that is carried forward is the amount of the excess worked out under Division 63 .
65-30(2)
However, reduce the *tax offset by the amount worked out by multiplying your *net exempt income by:
(a) if you are a base rate entity (within the meaning of the Income Tax Rates Act 1986 ) for the income year - 0.25; or
(b) otherwise - 0.3;
View history note
Hide history noteThe amount of the *tax offset that is carried forward is the amount of the excess worked out under Division 63 .
65-30(2)
However, reduce the *tax offset by the amount worked out by multiplying your *net exempt income by:
(a) if you are a base rate entity (within the meaning of the Income Tax Rates Act 1986 ) for the income year - 0.25; or
(b) otherwise - 0.3;
if you have a taxable income for the income year.
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