Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:2_6
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 2 cl 6
Character Range: 11280–13399

6  Division 67
Repeal the Division, substitute:

Division 67—Refundable tax offset rules

Guide to Division 67

67‑10  What this Division is about

      This Division sets out the rules about refunds of tax offsets.

Table of sections

Operative provisions

67‑20 Which tax offsets this Division applies to
67‑25 Tax offsets that are subject to the refundable tax offset rules
67‑30 When you can get a refund of a tax offset
67‑35 Amount of refund

[This is the end of the Guide]

Operative provisions

67‑20  Which tax offsets this Division applies to

  This Division only applies to a *tax offset if it is stated to be subject to the refundable tax offset rules.

67‑25  Tax offsets that are subject to the refundable tax offset rules

Franked dividends

 (1) *Tax offsets available under any of the following provisions of Part IIIAA of the Income Tax Assessment Act 1936 are subject to the refundable tax offset rules:
 (a) section 160AQU (general);
 (b) section 160AQX (beneficiaries of a trust);
 (c) section 160AQY (trustees);
 (d) section 160AQYA (superannuation funds, approved deposit funds (ADFs) and pooled superannuation trusts (PSTs));
 (e) section 160AQZ (partners);
 (f) section 160AQZA (life assurance companies);
 (g) section 160ASEP (venture capital).
The tax offset referred to in paragraph (c) is subject to the refundable tax offset rules only if the trustee entitled to the rebate is liable to be assessed under section 98 or 99 of the Income Tax Assessment Act 1936.

Private health insurance

 (2) Private health insurance tax offsets under Subdivision 61‑H are subject to the refundable tax offset rules.

67‑30  When you can get a refund of a tax offset

  You can get a refund of *tax offsets that are subject to the refundable tax offset rules if the total of those offsets exceeds the amount of income tax that you would have to pay if you had not got those tax offsets (but had got all your other tax offsets).

67‑35  Amount of refund

  The amount of the refund of *tax offsets is the amount of the excess referred to in section 67‑30.

Income Tax Assessment Act 1936