INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

Division 65 - 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 - 0.275; or


(b) otherwise - 0.3;

if you have a taxable income for the income year.


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