Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-I repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019.

Subdivision 61-I inserted by No 32 of 2002.

S 61-450 repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019. S 61-450 formerly read:

SECTION 61-450 What is your base year if a child is in your care before you legally adopt the child?  
Your base year can relate to a year during which a child was in your care before you adopted the child

61-450(1)
This section defines your base year if you are entitled to a *tax offset for a child under section 61-440 (which is where a child is in your care before you legally adopt the child).

Primary entitlement

61-450(2)
Your base year for a *tax offset under sections 61-355 and 61-440 is:

(a) if you were an Australian resident at any time in the income year (the previous income year ) just before the income year in which the child was first in your care - the later of the following years:

(i) the previous income year;

(ii) the income year commencing on 1 July 2000; and

(b) otherwise - the later of the following years:

(i) the earliest income year in which you were an Australian resident and the child was in your care;

(ii) the income year commencing on 1 July 2001.

Note:

See section 61-445 for when a child is first in your care.

61-450(3)
If paragraph (2)(a) applies to you, you may choose, in the *approved form, the later of the following years to be your base year:

(a) the year the child was first in your care;

(b) the income year commencing on 1 July 2001.

A choice cannot be revoked.

61-450(4)
A choice cannot be made:

(a) after you have claimed the *tax offset under section 61-440 for any income year; or

(b) after you have transferred your entitlement to the tax offset under section 61-440 for any income year.

Transferred entitlement

61-450(5)
Your base year for an entitlement transferred to you under section 61-385 is the income year before the first income year for which the entitlement for the child was transferred to you.

S 61-450 inserted by No 23 of 2005.