Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-IA repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019.

Subdiv 61-IA inserted by No 160 of 2005.

S 61-485 repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019. S 61-485 formerly read:

SECTION 61-485 Amount of the child care tax offset  
61-485
The amount of your *tax offset for a child care offset year is worked out in this way: Method statement

Step 1.

For each child in relation to whom you are entitled to the *tax offset for the child care offset year, work out amounts in accordance with steps 2, 3 and 4.

Step 2.

Work out the total amount of your *approved child care fees for the child in each *child care base week for you and the child in the child care base year.

Step 3.

Work out the total amount of your *entitlement to child care benefit for *approved child care for the child in each *child care base week for you and the child in the child care base year.

Step 4.

Work out the lesser of the following amounts (the child offset ) for the child:

(a) the amount worked out using the formula:

 

30%   ×   (Step 2 amount   −   Step 3 amount)

(b) the *child care offset limit for the child care base year.

Step 5.

Total the child offsets for each of those children. The result is the amount of your *tax offset for the child care offset year.

S 61-485 inserted by No 160 of 2005.