Pt 2-20 inserted by No 56 of 1997.
Div 65 inserted by No 91 of 1998.
S 65-25 repealed by
No 58 of 2006
, s 3 and Sch 7 item 65, applicable to assessments for the 2006-07 income year and later income years. S 65-25 formerly read:
SECTION 65-25 When you can carry forward a tax offset
65-25(1) You can carry forward a *tax offset if the amount of the tax offset exceeds the amount of income tax that you would have to pay if:
(a) you had not got the tax offset; and
(b) you had not got any *tax offsets that are of a higher priority.
Section 65-35 explains how to apply tax offsets that are carried forward.
65-25(2) The following table sets out the order of priority for *tax offsets (with the highest priority shown first):
|Priority of tax offsets (highest to lowest)|
|Item||Tax offset||Relevant provision|
|1A||*tax offsets that are subject to the refundable tax offset rules||Division 67|
|1||foreign tax credits||section 160AFE of the
Income Tax Assessment Act 1936|
|2||landcare and water facility tax offset||the former Subdivision 388-A|
|2A||child care tax offset||Subdivision 61-IA|
|3||all other tax offsets||listed in section 13-1|
was repealed by the
New Business Tax System (Capital Allowances
Transitional Provisions and Consequential Amendments) Act 2001
S 65-25(2) amended by No 160 of 2005 and No 66 of 2003.
S 65-25 amended by No 77 of 2001, No 128 of 1998 and inserted by No 91 of 1998.