INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 61 - Generally applicable tax offsets  

Subdivision 61-I - First child tax offset (baby bonus)  

Amount of a first child tax offset

SECTION 61-430   What is your base year?  

Primary entitlement

61-430(1)  
Your base year for an entitlement to a *tax offset for a child under section 61-355 is:


(a) if you were an Australian resident at any time in the income year just before the income year in which the *child event for the child happened (the event year ) - the income year just before the event year; and


(b) otherwise - the event year.

Note:

If a child is in your care before you adopt the child, your base year can instead be the year the child was first in your care or the year before that (see section 61-450 ).

61-430(2)  
If paragraph (1)(a) applies to you, you may choose the event year to be your base year, in the *approved form. A choice cannot be revoked.

61-430(3)  
A choice cannot be made:


(a) after you have claimed the *tax offset under section 61-355 for any income year; or


(b) after you have transferred your entitlement to the tax offset under section 61-355 for any income year.

Transferred entitlement

61-430(4)  
Your base year for an entitlement transferred to you under section 61-385 is the income year before the first income year for which the entitlement for the child was transferred to you.


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