Pt 2-20 inserted by No 56 of 1997.
Div 61 inserted by No 56 of 1997.
Subdivision 61-I inserted by No 32 of 2002.
Amount of a first child tax offset
SECTION 61-420 Component of formula
base amount is the lesser of:
(a) one-fifth of your basic income tax liability for your *base year (as worked out in step 2 of the method statement in subsection
(a) the current income year is not your *base year; and
(b) your taxable income for the current income year is not more than $25,000; and
(c) the amount worked out under subsection (1) is less than $500;
S 61-420 inserted by No 32 of 2002.