Income Tax Assessment Act 1936
View history note
Hide history noteDiv 3 heading inserted by No 172 of 1978.
(Repealed by No 93 of 2011)
S 73I repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s
82KZLB
. S 73I formerly read:
S 73I(1) amended by
No 164 of 2007
, s 3 and Sch 11 items 16 and 17, by inserting
"
(except subsection 73B(14C))
"
after
"
73B
"
and substituting
"
73QA
"
for
"
73Y
"
, effective 25 September 2007. For application provision, see note under s
73B(1AAA)
. S 73I(2) substituted by
No 78 of 2007
, s 3 and Sch 3 item 2, effective 21 June 2007. S 73I(2) formerly read:
S 73I(3) amended by
No 164 of 2007
, s 3 and Sch 11 items 18 and 19, by inserting
"
(except subsection 73B(14C))
"
after
"
73B
"
and substituting
"
73QA
"
for
"
73Y
"
, effective 25 September 2007. For application provision, see note under s
73B(1AAA)
. The tax offset is subject to the refundable tax offset rules: see section
67-23
of the
Income Tax Assessment Act 1997
.
SECTION 73I TAX OFFSET INSTEAD OF DEDUCTION UNDER SECTION 73B, 73BA, 73BH OR 73QA
73I(1)
An eligible company can choose a tax offset instead of a deduction under section
73B
(except subsection
73B(14C)
),
73BA
,
73BH
or
73QA
for a year of income (the
tax offset year
) if it is eligible to make that choice (see section
73J
).
73I(2)
The choice must be made:
(a)
in the company
'
s return of income for the tax offset year; or
(b)
by notice in writing given to the Commissioner:
(i)
for a year of income starting before the commencement of this subsection
-
before the end of the period that the Commissioner could amend an assessment for the company assuming such an assessment were made at that commencement; or
(ii)
otherwise
-
before the end of the period that the Commissioner could amend an assessment for the company for the tax offset year.
73I(2)
The choice must be made in the company
'
s return of income for the tax offset year.
73I(3)
The eligible company
'
s tax offset for the tax offset year is 30 cents for each dollar that the company could, apart from subsection (4), deduct for that year under section
73B
(except subsection
73B(14C)
),
73BA
,
73BH
or
73QA
.
73I(4)
An eligible company cannot deduct any amount under section
73B
(except subsection
73B(14C)
),
73BA
,
73BH
or
73QA
for the tax offset year if it chooses the tax offset for that year.
Note:
S 73I(4) amended by No 42 of 2009, s 3 and Sch 4 item 1, by substituting " section 67-23 " for " section 67-25 " in the note, effective 23 June 2009.
S 73I(4) amended by No 164 of 2007 , s 3 and Sch 11 items 20 and 21, by inserting " (except subsection 73B(14C)) " after " 73B " and substituting " 73QA " for " 73Y " , effective 25 September 2007. For application provision, see note under s 73B(1AAA) .
S 73I inserted by No 170 of 2001.