SECTION 61-650 Amount of education expenses tax offset
61-650(1) The amount of your *tax offset for an income year (the
current year
) is the amount (rounded up to the nearest whole dollar) that is the lesser of:
(a) one half of the sum of:
(i) all of the expenses covered for you by section
61-640
for the current year; and
(ii) your expenses covered by section
61-680
(about excess education expenses) for the income year ending immediately before the current year; and
(b) your offset limit under section
61-660
for the current year.
Effect of shared care arrangements
61-650(2) If:
(a) on a particular day, you and your partner (within the meaning of the
Social Security Act 1991
) (your
partner
) satisfy subsection
61-620(1)
for an individual; and
(b) a determination has been made under section
28
or
29
of the
A New Tax System (Family Assistance) Act 1999
of your percentage, and of your partner
'
s percentage, of the family tax benefit for the individual for a period that includes that day; and
(c) an expense covered for you by section
61-640
was incurred on that day;
for the purposes of subparagraph (1)(a)(i) you and your partner may each count only a portion of the expense corresponding to your percentage.
61-650(3) If:
(a) on a particular day, you are a member of a couple (within the meaning of the
Social Security Act 1991
); and
(b) both you and your partner (within the meaning of that Act) (your
partner
) satisfy subsection
61-620(2)
or
(4)
for one or more individuals on that day; and
(c) an expense covered for you by section
61-640
was incurred on that day;
for the purposes of subparagraph (1)(a)(i) the expense only counts as follows:
(d) if you and your partner have made a written agreement nominating one of you as the member who can claim the offset under this Subdivision in respect of the individual or individuals for a period including that day:
(i) the nominated member may count the whole of each expense covered for you by section
61-640
incurred on that day; and
(ii) the other member must not count any of the expense; or
(e) if paragraph (d) does not apply
-
you and your partner may each count only half of the expense.
