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.