Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you have one or more * tax offsets for an income year, apply them against your basic income tax liability in the order shown in the table. To the extent that an amount of a tax offset remains, the table tells you what happens to it.
Order of applying tax offsets | ||
Item | What happens to any excess | |
5 | * Tax offset under section 160AAAA of the Income Tax Assessment Act 1936 (tax offset for low income aged persons and pensioners) | Your entitlement to it is transferred in accordance with regulations made under that Act |
10 | * Tax offset under section 160AAAB of the Income Tax Assessment Act 1936 (tax offset for low income aged persons and pensioners --trustee assessed under section 98) | Your entitlement to it is transferred in accordance with regulations made under that Act |
15 | * Tax offset under section 160AAA of the Income Tax Assessment Act 1936 (tax offset in respect of certain benefits) | Your entitlement to it is transferred in accordance with regulations made under that Act |
20 | Any * tax offset not covered by another item in this table | You cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year |
21 | * Tax offset under Subdivision 301 - F (veterans' superannuation (invalidity pension) tax offset) | Apply it against your liability (if any) to pay * Medicare levy for the income year. To the extent that an amount of it remains, apply it against your liability (if any) to pay * Medicare levy (fringe benefits) surcharge for the income year. To the extent that an amount of it remains, you cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year |
22 | * Tax offset for * foreign income tax under Division 770 | Apply it against your liability (if any) to pay * Medicare levy for the income year. To the extent that an amount of it remains, apply it against your liability (if any) to pay * Medicare levy (fringe benefits) surcharge for the income year. To the extent that an amount of it remains, you cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year |
30 | Landcare and water facility * tax offset under the former Subdivision 388 - A | You may carry it forward to a later income year (under Division 65) |
32 | ESVCLP * tax offset under Subdivision 61 - P | You may carry it forward to a later income year (under Division 65) |
33 | * Tax offset under Subdivision 360 - A (about early stage investors in innovation companies) | You may carry it forward to a later income year (under Division 65) |
35 | A * tax offset under Division 355 (about R&D) that is not covered by section 67 - 30 | You may carry it forward to a later income year (under Division 65) |
40 | * Tax offset that is subject to the refundable tax offset rules (see Division 67) | You can get a refund of the remaining amount |
45 | * Tax offset arising from payment of * franking deficit tax (see section 205 - 70) | You may carry it forward to a later income year (under section 205 - 70) |
Note 1: Section 13 - 1 lists tax offsets.
Note 2: Former Division 388 was repealed by the New Business Tax System (Capital Allowances--Transitional and Consequential) Act 2001 .
Note 4: The remaining amount of a carry forward tax offset may be reduced by section 65 - 30 or 65 - 35 to take account of net exempt income.
Note 5: Tax offsets mentioned in items 5 and 10 are more commonly referred to as the Senior Australians Tax Offset.
(2) Within each item, apply the tax offsets in the order in which they arose.
Note: This would be relevant if you have carry forward tax offsets of the same category for different income years.