Tax Laws Amendment (2006 Measures No. 2) Act 2006 (58 of 2006)
Schedule 7 Technical corrections and improvements
Part 1 Amendments commencing on Royal Assent
Income Tax Assessment Act 1997
62 Section 61-496
Repeal the section, substitute:
61-496 Entitlement to transfer
(1) You may transfer your entitlement to so much of your *tax offset as is equal to the excess to the individual who was your *spouse as at the last day of the child care offset year.
Note: The excess part of a tax offset is worked out under Division 63.
(2) If you make a transfer:
(a) the transferee is entitled to the transferred part of the *tax offset for the child care offset year; and
(b) you are no longer entitled to the transferred part of the tax offset.
(3) A transfer cannot be revoked.
(4) If you die during the child care offset year, the reference to your *spouse in subsection (1) is taken to be a reference to your spouse just before your death.