A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 1 - Family Tax Benefit Rate Calculator  

Part 2 - Part A rate (Method 1)  

Division 5 - Maintenance income test  

Subdivision B - Maintenance income credit balances  

24E   Depletions from a maintenance income credit balance  

(1)    
There is a depletion from the maintenance income credit balance for a registered entitlement of an individual, for an income year, of the amount worked out under subclause (2), if:

(a) the income year has ended; and

(b) the maintenance income that the individual received in the income year from the entitlement is more than the amount due in the income year from the entitlement.

(2)    
The amount by which the maintenance income credit balance is depleted is the lower of:

(a) the excess of the maintenance income that the individual received in the income year from the entitlement over the amount due in the income year from the entitlement; and

(b) the amount of the maintenance income credit balance.

(3)    
For the purposes of paragraphs (1)(b) and (2)(a), in working out the maintenance income received in an income year or the amount of maintenance income due in an income year:

(a) disregard any maintenance income received or due for an FTB child for whom the FTB child rate under clause 7 does not exceed the base FTB child rate (see clause 8); and

(b) disregard the operation of clause 11 (sharing of family tax benefit) in applying paragraph (a).