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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-IA - Child care tax offset    View history reference

Amount of the child care tax offset

SECTION 61-485  

61-485  Amount of the child care tax offset  

 View history reference
The amount of your *tax offset for a child care offset year is worked out in this way:

Method statement

Step 1. 

For each child in relation to whom you are entitled to the *tax offset for the child care offset year, work out amounts in accordance with steps 2, 3 and 4.


Step 2. 

Work out the total amount of your *approved child care fees for the child in each *child care base week for you and the child in the child care base year.


Step 3. 

Work out the total amount of your *entitlement to child care benefit for *approved child care for the child in each *child care base week for you and the child in the child care base year.


Step 4. 

Work out the lesser of the following amounts (the child offset) for the child:

(a) the amount worked out using the formula:
 

30% × (Step 2 amount - Step 3 amount)

(b) the *child care offset limit for the child care base year.

Step 5. 

Total the child offsets for each of those children. The result is the amount of your *tax offset for the child care offset year.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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