Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)
Schedule 6
Part 28 Foreign income tax offset, Medicare levy and surcharge
Income Tax Assessment Act 1997
235 Subsection 63-10(1) (cell at table item 22, column headed "What happens to any excess")
Repeal the cell, substitute:
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Apply it against your liability (if any) to pay *Medicare levy for the income year. To the extent that an amount of it remains, apply it against your liability (if any) to pay *Medicare levy (fringe benefits) surcharge for the income year. To the extent that an amount of it remains, you cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year |