INCOME TAX ASSESSMENT ACT 1997
This Division sets out the rules about carrying forward excess tax offsets to later income years.
You can only carry forward certain tax offsets.
Before you can apply a tax offset to reduce the amount of income tax that you will pay in a later year, you must apply it to reduce certain amounts of net exempt income.
The same rules that prevent companies from utilising certain losses of earlier income years prevent companies from applying tax offsets that they have carried forward.