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 65-50   Effect of bankruptcy  

65-50(1)  
If during the *current year:


(a) you became bankrupt; or


(b) you were released from debts under a law relating to bankruptcy;

you cannot apply a *tax offset that you have carried forward from an earlier income year in working out the tax offset for the current year or a later income year.

65-50(2)  
Subsection (1) applies even though your bankruptcy is annulled if:


(a) the annulment happens under section 74 of the Bankruptcy Act 1966 because your creditors have accepted your proposal for a composition or scheme of arrangement; and


(b) under the composition or scheme of arrangement concerned, you were, will be or may be released from debts from which you would have been released if instead you had been discharged from the bankruptcy.


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