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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS    View history reference

Division 61 - Generally applicable tax offsets    View history reference

Subdivision 61-I - First child tax offset (baby bonus)    View history reference

Amount of a first child tax offset

SECTION 61-415  

61-415  Formula for working out amount of tax offset  

 View history reference
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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