Income Tax Assessment Act 1997

Pt 2-20 inserted by No 56 of 1997.

Div 61 inserted by No 56 of 1997.

Subdiv 61-M repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014.

Subdiv 61-M inserted by No 141 of 2008, s 3 and Sch 1 item 3, applicable to the 2008-2009 income year and later years.

S 61-660 repealed by No 109 of 2014, s 3 and Sch 10 item 13, effective 17 October 2014. S 61-660 formerly read:

SECTION 61-660 Education expenses tax offset limit  
61-660(1)
Your offset limit is:

(a) if you satisfy paragraphs 61-610(1)(a) , (b) and (c) for one or more individuals in the current year - the sum of the amounts worked out under the method statement for each such individual; and

(b) if you are an independent student covered by subsection 61-610(2) - the amount worked out for yourself under the method statement. Method statement

Step 1.

Start with this amount:

(a) for an individual who satisfies the schooling requirement in subsection 61-630(4) (for secondary school students) on a day in the current year - $750; or

(b) if paragraph (a) does not apply and the individual satisfies the schooling requirement in subsection 61-630(2) (for primary school students) on a day in the current year - $375.

Note:

The effect of step 1 is that the secondary school student starting amount applies for the whole year where an individual completes primary school in the first half of the financial year and starts secondary school in the second half of the financial year.

Step 2.

Add up the number of days in the current year on which:

(a) paragraphs 61-610(1)(a) and (b) are satisfied for you and the individual; or

Note:

There are modifications to step 2(a) in section 61-670 .

(b) if you are an independent student covered by subsection 61-610(2) - paragraphs 61-610(2)(a) , (b), (c), (d), (e) and (f) apply to you.

Step 3.

Divide the result of step 2 by the number of days in the current year. Round the result to 2 decimal places (rounding up if the third decimal place is 5 or more).

Step 4.

Multiply the result from step 1 by the result from step 3.

61-660(2)
The amounts specified in step 1 of the method statement in subsection (1) are indexed annually.

Note:

Subdivision 960-M shows you how to index amounts.

S 61-660 inserted by No 141 of 2008, s 3 and Sch 1 item 3, applicable to the 2008-09 income year and later years.