A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 1 - Family Tax Benefit Rate Calculator  

Part 5 - Common provisions  

Division 4 - Reduction for family tax benefit advance  

40   Reduction for family tax benefit advance  

(1)  
Subject to subclause (2) and clauses 43 and 44, the amount by which an individual ' s Part A rate is to be reduced under clause 5 or 25A to repay a family tax benefit advance is worked out using the following formula:


Amount of unrepaid family tax benefit advance
Remaining days in the repayment period
× 365

Member of a couple in a blended family

(2)  
If a determination under section 28 that an individual is eligible for a percentage (the section 28 percentage ) of the family tax benefit for FTB children of the individual is in force, the amount by which the individual ' s Part A rate is to be reduced under clause 5 or 25A to repay the family tax benefit advance is worked out using the following formula:


Amount worked out under subclause (1)
Section 28 percentage

Meaning of repayment period

(3)  
The repayment period in relation to a family tax benefit advance that is paid to an individual:


(a) begins on:


(i) the first day of the instalment period after the individual is paid the family tax benefit advance; or

(ii) if it is not practicable for the reduction to start on the day referred to in subparagraph (i) - the first day on which it is practicable to reduce the individual ' s Part A rate; or

(iii) if the determination of the individual ' s entitlement to the family tax benefit advance is a determination referred to in subsection 35B(3) of the Family Assistance Administration Act (regular family tax benefit advances) - the day the determination is made; or

(iv) such other day determined by the Secretary under this Division; and


(b) is a period of 182 days or such other period determined by the Secretary under this Division.




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