A New Tax System (Family Assistance) Act 1999
Schedules
Schedule 1 - Family Tax Benefit Rate CalculatorNote: See subsection 58(1) .
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Hide history noteThis is how to work out the amount of the accrual under clause 24B, for a day in an income year, to a maintenance income credit balance for a registered entitlement of an individual who is, or is the partner of, an eligible person under subclause 24B(2): Method statement
Step 1:
Work out the global maintenance entitlement of the eligible person for the day using clause 24D.
Step 2:
Identify the lower of:
Step 3:
Subtract from the lower amount identified in step 2 the annualised amount of the maintenance income of the eligible person for the day.
Step 4:
Divide the result of step 3 by 365 and round the result of the division to the nearest cent (rounding 0.5 cents upwards).
Step 5:
Unless subclause (2) applies to the individual, the amount that accrues to the maintenance income credit balance of the individual for the day is the amount worked out under step 4.
If subclause (2) applies to the individual, take the amount worked out under step 4 and apply the method statement in subclause (2).
(2)
If either or both of the following apply:
(a) the individual has more than one registered entitlement for the day in respect of which the condition in subclause 24B(5) is met;
(b) if the individual is a member of a couple on the day - the individual ' s partner has one or more registered entitlements for the day in respect of which the condition in subclause 24B(5) is met; this is how to work out the amount of the accrual under clause 24B, for a day in an income year, to each of the maintenance income credit balances (the relevant balances) for those entitlements: Method statement
Step 1:
Work out the daily cap for each relevant balance as follows:
Step 2:
Distribute the amount worked out under step 4 of the method statement in subclause (1) equally among each relevant balance, up to the amount of the daily cap for the relevant balance.
Step 3:
Distribute any remaining amount equally among each relevant balance for which the daily cap has not been reached, up to the amount of the daily cap for the relevant balance.
Step 4:
Reapply step 3 to any remaining amount until:
Step 5:
The amount that accrues to each of the relevant balances for the day is the sum of the amount distributed under step 2 and any additional amounts distributed under steps 3 and 4, with that sum rounded to the nearest cent (rounding 0.5 cents upwards).
(3)
To avoid doubt, clauses 24B and 24C apply only once for a day in relation to any relevant balance.
(4)
For the purposes of step 1 of the method statement in subclause (2), the annualised amount of maintenance income received in an income year from a registered entitlement, and any related private collection entitlement, of an individual (or an individual ' s partner) is the amount worked out by using this formula:
| Amount of maintenance income received in the income year from the registered entitlement, and any related
private collection entitlement Number of days in the income year for which the individual (or partner) had the registered entitlement, and any related private collection entitlement |
× | Number of days in the income year |
(5)
In this clause:
related private collection entitlement
, in relation to a registered entitlement, has the same meaning as in clause
24D
.
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