Document ID: chunk:federal_register_of_legislation:C2005C00282:clause:3_73i
Version: federal_register_of_legislation:C2005C00282
Segment Type: clause
Provision Reference: sch 3 cl 73I
Character Range: 92623–93482

73I  Tax offset instead of deduction under section 73B, 73BA, 73BH or 73Y

 (1) An eligible company can choose a tax offset instead of a deduction under section 73B, 73BA, 73BH or 73Y for a year of income (the tax offset year) if it is eligible to make that choice (see section 73J).

 (2) The choice must be made in the company's return of income for the tax offset year.

 (3) The eligible company's tax offset for the tax offset year is 30 cents for each dollar that the company could, apart from subsection (4), deduct for that year under section 73B, 73BA, 73BH or 73Y.

 (4) An eligible company cannot deduct any amount under section 73B, 73BA, 73BH or 73Y for the tax offset year if it chooses the tax offset for that year.

Note: The tax offset is subject to the refundable tax offset rules: see section 67‑25 of the Income Tax Assessment Act 1997.