Do you have an unused 'landcare and water facility' tax offset from a previous year that you can use this year?
No |
Go to T7 Early stage venture capital limited partnership 2020, or go back to the Individual tax return instructions 2020. |
Yes |
Read on. |
You need to know
This question applies only if your income tax liabilities from earlier years have not absorbed all of the excess or unused landcare and water facility tax offset available to you. The amount of your excess or unused tax offset is shown on your notice of assessment or amended notice of assessment for the year ending 30 June 2019.
There is no limit to the number of years you can carry forward any balance of landcare and water facility tax offset.
Unused net exempt income
Your unused landcare and water facility tax offset carried forward from the previous year may need to be adjusted for any net exempt income. Exempt income is explained in Amounts that you do not pay tax on 2020.
If you do not have any unused net exempt income, go to Completing this item.
The landcare and water facility tax offset carried forward from a previous year is reduced by 30 cents for every dollar of unused net exempt income, provided you had taxable income for that year. Unused net exempt income is any net exempt income left after deducting any tax losses of earlier income years from that year's net exempt income.
If you have unused net exempt income and are unsure how to calculate the landcare and water facility tax offset carried forward from a previous year, phone 13 28 66 for more information. Otherwise, read on.
What you need
Your notice of assessment or amended notice of assessment for the year ending 30 June 2019.
Completing this item
Write the amount of brought-forward landcare and water facility tax offset at T item T6 on your tax return.
Where to go next
- Go to question T7 Early stage venture capital limited partnership 2020.
- Return to main menu Individual tax return instructions 2020.
- Go back to question T5 Invalid and invalid carer 2020.