Income Tax Assessment Act 1997
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 - 0.26; or
(b) otherwise - 0.3;
if you have a taxable income for the income year.
[ CCH Note: S 65-30(2) will be amended by No 41 of 2017 (as amended by No 134 of 2018), s 3 and Sch 5 item 21, by substituting " 0.25 " for " 0.26 " in para (a), effective 1 July 2021.]