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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

Additional tax offset if a child is in your care before you legally adopt the child

SECTION 61-450  What is your base year if a child is in your care before you legally adopt the child?  

 View history reference

Your base year can relate to a year during which a child was in your care before you adopted the child

61-450(1)  

This section defines your base year if you are entitled to a *tax offset for a child under section 61-440 (which is where a child is in your care before you legally adopt the child).

Primary entitlement

61-450(2)  

Your base year for a *tax offset under sections 61-355 and 61-440 is:


(a) if you were an Australian resident at any time in the income year (the previous income year ) just before the income year in which the child was first in your care - the later of the following years:


(i) the previous income year;

(ii) the income year commencing on 1 July 2000; and


(b) otherwise - the later of the following years:


(i) the earliest income year in which you were an Australian resident and the child was in your care;

(ii) the income year commencing on 1 July 2001.

Note:

See section 61-445 for when a child is first in your care.

61-450(3)  

If paragraph (2)(a) applies to you, you may choose, in the *approved form, the later of the following years to be your base year:


(a) the year the child was first in your care;


(b) the income year commencing on 1 July 2001.

A choice cannot be revoked.

61-450(4)  

A choice cannot be made:


(a) after you have claimed the *tax offset under section 61-440 for any income year; or


(b) after you have transferred your entitlement to the tax offset under section 61-440 for any income year.

Transferred entitlement

61-450(5)  

Your base year for an entitlement transferred to you under section 61-385 is the income year before the first income year for which the entitlement for the child was transferred to you.


 



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