Which statement is incorrect?

a.

A tax offset reduces the amount of tax payable.

b.

The wording in the provisions of the ITAA 97 that replaced the former provisions in the ITAA 36 should be interpreted having regard to the ideas expressed in the ITAA 36, where the ITAA 97 seeks to express the same ideas.

c.

An allowable deduction offsets against the net tax liability.

d.

In the income tax year 2019/2020 the top marginal individual tax (including Medicare levy) is 47%, and the company tax rate is 30% (with some exceptions) and complying super fund is 15%.