Things 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 2023.
There is no limit to the number of years you can carry forward any balance of landcare and water facility tax offset.
Do you have an unused 'landcare and water facility' tax offset from a previous year that you can use this year?
- No – Go to question T7 Early stage venture capital limited partnership 2024.
- Yes – Read on.
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 2024.
If you don't have any unused net exempt income, go to Completing your supplementary tax return.
The landcare and water facility tax offset carried forward from a previous year is reduced by $0.30 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, contact us for more information. Otherwise, read on.
What you need to answer this question
You will need your notice of assessment or amended notice of assessment for the year ending 30 June 2023.
Completing your supplementary tax return
Write the amount of carried forward landcare and water facility tax offset at question T6 – label T in your supplementary tax return.
Where to go next
- Go to question T7 Early stage venture capital limited partnership 2024.
- Return to main menu Individual tax return instructions 2024.
- Go back to question T5 Invalid and invalid carer 2024.