Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 65.30

  (1)   The amount of the * tax offset that is carried forward is the amount of the excess worked out under Division   63.

  (2)   However, reduce the * tax offset by the amount worked out by multiplying your * net exempt income by:

  (a)   if you are a base rate entity (within the meaning of the Income Tax Rates Act 1986 ) for the income year--0.25; or

  (b)   otherwise--0.3;

if you have a taxable income for the income year.