Pt 2-20 inserted by No 56 of 1997.
Div 61 inserted by No 56 of 1997.
Subdiv 61-IA inserted by No 160 of 2005.
S 61-496 substituted by
No 58 of 2006
, s 3 and Sch 7 item 62, applicable to assessments for the 2006-07 income year and later income years. S 61-496 formerly read:
SECTION 61-496 ENTITLEMENT TO TRANSFER
61-496(1) This section applies if the amount of *tax offset for a child care offset year to which you are entitled under section
exceeds the amount of income tax that you would have to pay for the year if:
(a) you had not got the tax offset; and
(b) you had not got any tax offsets that are of a higher priority under subsection
61-496(2) You may transfer your entitlements to so much of the *tax offset as is equal to the excess to an individual who was your *spouse on the last day of the child care offset year, subject to subsection (5).
61-496(3) If you make a transfer:
(a) the transferee is entitled to so much of the *tax offset for the child care offset year as is equal to the excess; and
(b) you are no longer entitled to so much of the tax offset as is equal to the excess.
61-496(4) A transfer cannot be revoked.
61-496(5) If you die during the child care offset year, the reference to your *spouse in subsection (2) is taken to be a reference to your spouse just before your death.
S 61-496 inserted by No 160 of 2005.