Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 961 - Notional tax offsets  

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History

Div 961 inserted by No 70 of 2015, s 3 and Sch 2 item 17, applicable in relation to assessments for the 2014-15 income year and later income years.

Subdivision 961-B - Dependant (sole parent of a non-student child under 21 or student) notional tax offset  

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History

Subdiv 961-B inserted by No 70 of 2015, s 3 and Sch 2 item 17, applicable in relation to assessments for the 2014-15 income year and later income years.

Operative provisions

SECTION 961-65   Reductions to take account of change in circumstances  

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961-65(1)    
The amount of the notional tax offset under section 961-60 is reduced in accordance with subsection (2) if:

(a) paragraph 961-55(1)(a) applies during only part of the year; or

(b) paragraph 961-55(1)(c) does not apply because of subsection 961-55(2).

961-65(2)    
The amount of the notional tax offset is reduced to an amount that, in the Commissioner ' s opinion, is a reasonable apportionment in the circumstances, having regard to the matters referred to in paragraphs (1)(a) and (b).

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History

S 961-65 inserted by No 70 of 2015, s 3 and Sch 2 item 17, applicable in relation to assessments for the 2014-15 income year and later income years.

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