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 61-415   61-415   Formula for working out amount of tax offset  


The amount of your *tax offset under sections 61-355 and 61-440 for an income year is the amount (rounded up to the nearest whole dollar) worked out using the formula:


Entitlement amount × Total of the entitlement days
365

where:

entitlement amount
has the meaning given by section 61-420 .

total of the entitlement days
has the meaning given by section 61-425 .


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