Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 65.30

Amount carried forward

             (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--0.275; or

                     (b)  otherwise--0.3;

if you have a taxable income for the income year.



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