Income Tax Assessment Act 1997

S 61-496 substituted by No 58 of 2006 , s 3 and Sch 7 item 62, applicable to assessments for the 2006-07 income year and later income years. S 61-496 formerly read:

SECTION 61-496 ENTITLEMENT TO TRANSFER  
61-496(1)
This section applies if the amount of *tax offset for a child care offset year to which you are entitled under section 61-470 exceeds the amount of income tax that you would have to pay for the year if:

(a) you had not got the tax offset; and

(b) you had not got any tax offsets that are of a higher priority under subsection 65-25(2) .

61-496(2)
You may transfer your entitlements to so much of the *tax offset as is equal to the excess to an individual who was your *spouse on the last day of the child care offset year, subject to subsection (5).

61-496(3)
If you make a transfer:

(a) the transferee is entitled to so much of the *tax offset for the child care offset year as is equal to the excess; and

(b) you are no longer entitled to so much of the tax offset as is equal to the excess.

61-496(4)
A transfer cannot be revoked.

61-496(5)
If you die during the child care offset year, the reference to your *spouse in subsection (2) is taken to be a reference to your spouse just before your death.

S 61-496 inserted by No 160 of 2005.