Document ID: chunk:federal_register_of_legislation:C2010C00300:clause:7_45
Version: federal_register_of_legislation:C2010C00300
Segment Type: clause
Provision Reference: sch 7 cl 45
Character Range: 39263–40307

45                             *Tax offset arising from payment of *franking deficit tax (see section 205‑70)                                                                      You may carry it forward to a later income year (under section 205‑70)

Note 1: Section 13‑1 lists tax offsets.

Note 2: Former Division 388 was repealed by the New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001.

Note 3: Section 160AFE of the Income Tax Assessment Act 1936 also affects how much of a foreign tax credit can be applied against your basic income tax liability.

Note 4: The remaining amount of a carry forward tax offset may be reduced by section 65‑30 or 65‑35 to take account of net exempt income.

Note 5: Tax offsets mentioned in items 5 and 10 are more commonly referred to as the Senior Australians Tax Offset.

 (2) Within each item, apply the tax offsets in the order in which they arose.

Note: This would be relevant if you have carry forward tax offsets of the same category for different income years.