Document ID: chunk:federal_register_of_legislation:C2004A00969:clause:1_2:p4
Version: federal_register_of_legislation:C2004A00969
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 4/5)
Character Range: 8530–11166

irrevocable

  A claim for a *tax offset under this Subdivision cannot be revoked.

Amount of the first child tax offset

61‑415  Formula for working out amount of tax offset

  The amount of your *tax offset for an income year is the amount (rounded up to the nearest whole dollar) worked out using the formula:
where:

entitlement amount has the meaning given by section 61‑420.

total of the entitlement days has the meaning given by section 61‑425.

61‑420  Component of formula—entitlement amount

 (1) In section 61‑415, the entitlement amount is the amount (rounded up to the nearest whole dollar) worked out using the formula:
where:

base amount is the lesser of:
 (a) one‑fifth of your basic income tax liability for your *base year (as worked out in step 2 of the method statement in subsection 4‑10(3)); and
 (b) $2,500.

 (2) However, if:
 (a) the current income year is not your *base year; and
 (b) your taxable income for the current income year is not more than $25,000; and
 (c) the amount worked out under subsection (1) is less than $500;
then the entitlement amount is $500.

 (3) If the amount worked out under subsection (1) is negative, then, unless subsection (2) applies, the entitlement amount is nil.

61‑425  Component of formula—total of the entitlement days

 (1) In section 61‑415, the total of the entitlement days is the total number of days for which the primary person (see subsection (3)) had a *primary entitlement to a *tax offset for the child for the income year.

 (2) In addition, if:
 (a) the relevant *child event happened in the primary person's *base year; and
 (b) the primary person did not transfer the entitlement under section 61‑385 for the primary person's base year; and
 (c) the relevant child turns 5 during the income year;
the total of the entitlement days also includes the number of days in the base year for which the primary person had a primary entitlement to a *tax offset for the child.

 (3) In this section, the primary person is:
 (a) if you are claiming the offset as a person who has a *primary entitlement to the offset for the child—you; or
 (b) if you are claiming the offset as a transferee under section 61‑400—the transferor.

61‑430  What is your base year?

Primary entitlement

 (1) Your base year for an entitlement to a *tax offset for a child under section 61‑355 is:
 (a) if you were an Australian resident at any time in the income year just before the income year in which the *child event for the child happened (the event year)—the income year just before the event year; and
 (b) otherwise—the event year.

 (2) If paragraph (1)(a) applies to