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Subdiv 61-M repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014.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S 61-680 repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014.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
for the year exceeds your offset limit for the year under section
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
for the year that can be counted for the purposes of subparagraph
(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
). 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
, 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.