Document ID: chunk:federal_register_of_legislation:C2008A00141:clause:1_6:p1
Version: federal_register_of_legislation:C2008A00141
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/4)
Character Range: 13059–15788

6     A tool of trade                                                                                                                                    cost of acquiring (whether by way of purchase, lease, hire or hire‑purchase).

Amount of education expenses tax offset

61‑650  Amount of education expenses tax offset

 (1) The amount of your *tax offset for an income year (the current year) is the amount (rounded up to the nearest whole dollar) that is the lesser of:
 (a) one half of the sum of:
 (i) all of the expenses covered for you by section 61‑640 for the current year; and
 (ii) your expenses covered by section 61‑680 (about excess education expenses) for the income year ending immediately before the current year; and
 (b) your offset limit under section 61‑660 for the current year.

Effect of shared care arrangements

 (2) If:
 (a) on a particular day, you and your partner (within the meaning of the Social Security Act 1991) (your partner) satisfy subsection 61‑620(1) for an individual; and
 (b) a determination has been made under section 28 or 29 of the A New Tax System (Family Assistance) Act 1999 of your percentage, and of your partner's percentage, of the family tax benefit for the individual for a period that includes that day; and
 (c) an expense covered for you by section 61‑640 was incurred on that day;
for the purposes of subparagraph (1)(a)(i) you and your partner may each count only a portion of the expense corresponding to your percentage.

 (3) If:
 (a) on a particular day, you are a member of a couple (within the meaning of the Social Security Act 1991); and
 (b) both you and your partner (within the meaning of that Act) (your partner) satisfy subsection 61‑620(2) or (4) for one or more individuals on that day; and
 (c) an expense covered for you by section 61‑640 was incurred on that day;
for the purposes of subparagraph (1)(a)(i) the expense only counts as follows:
 (d) if you and your partner have made a written agreement nominating one of you as the member who can claim the offset under this Subdivision in respect of the individual or individuals for a period including that day:
 (i) the nominated member may count the whole of each expense covered for you by section 61‑640 incurred on that day; and
 (ii) the other member must not count any of the expense; or
 (e) if paragraph (d) does not apply—you and your partner may each count only half of the expense.

61‑660  Education expenses tax offset limit

 (1) Your offset limit is:
 (a) if you satisfy paragraphs 61‑610(1)(a), (b) and (c) for one or more individuals in the current year—the sum of the amounts worked out under the method statement for each such individual; and
 (b) if you are an independent