Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-20 - TAX OFFSETS  

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History

Pt 2-20 inserted by No 56 of 1997.

Division 61 - Generally applicable tax offsets  

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Div 61 inserted by No 56 of 1997.

(Repealed) Subdivision 61-I - First child tax offset (baby bonus)  

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Subdiv 61-I repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019.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

61-350   (Repealed) SECTION 61-350 What this Subdivision is about  
(Repealed by No 49 of 2019)

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S 61-350 repealed by No 49 of 2019, s 3 and Sch 4 item 76, effective 1 July 2019. S 61-350 formerly read:

SECTION 61-350 What this Subdivision is about  

You are entitled to a tax offset for your first child, for income years up to and including the year the child turns 5, if you meet certain conditions.

The amount of the offset is usually based on your tax liability in the year before you became responsible for the child, and on a comparison between your taxable income in that year and the year you are claiming for. However, if you are a low income taxpayer, a minimum offset will generally be available.

Instead of claiming the offset yourself, you may transfer your entitlement to your spouse.

If you are entitled to a tax offset because you adopt a child, you might also be entitled to an offset if the child was in your care before the adoption.

S 61-350 amended by No 23 of 2005 and inserted by No 32 of 2002.

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