Pt 2-20 inserted by No 56 of 1997.
Div 61 inserted by No 56 of 1997.
Subdiv 61-M repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014.
Subdiv 61-M inserted by No 141 of 2008, s 3 and Sch 1 item 3, applicable to the 2008-2009 income year and later years.
S 61-680 repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014. S 61-680 formerly read:
SECTION 61-680 Excess education expenses
61-680(1) You have an amount covered by this section from an income year if the amount worked out under paragraph 61-650(1)(a) for the year exceeds your offset limit for the year under section 61-660.
61-680(2) The amount that is covered by this section is the lesser of:
(a) all of the expenses covered for you by section 61-640 for the year that can be counted for the purposes of subparagraph 61-650(1)(a)(i); and
(b) twice the amount of the excess.
The excess is worked out by comparing half of the education expenses to the offset limit (see section 61-650). Paragraph (b) doubles any excess so that the excess expenses have their original value and can be counted in full the next year.
A family with one child in full-time secondary schooling has incurred education expenses of $2,000 in an income year. Under section 61-650, these expenses are halved ($1,000) and then compared to the offset limit ($750). The excess of $250 is doubled under subsection (2) to restore it to the original expense amount. In the next year, the family can count this $500 of expenses towards the offset.
S 61-680 inserted by No 141 of 2008, s 3 and Sch 1 item 3, applicable to the 2008-09 income year and later years.