Parent must elect a new estimate of his or her adjusted taxable income for a year of income
62A Parent must elect a new estimate of his or her adjusted taxable income for a year of income
If:
under subsection 62(1), a parent revokes an income election (the earlier election) relating to a year of income; and
at the time of the revocation, the application period for the earlier election has started;
the parent must elect that the parent’s adjusted taxable income for the year of income is to be the amount the parent works out as follows:
Method statement
Step 1. Estimate each income component amount for the parent for the period (the remaining period):
starting on the start day for the election made under this subsection; and
ending at the end of the last day of the year of income.
Step 2. Add up those amounts. The result is the partial year income amount.
Step 3. Divide the partial year income amount by the number of days in the remaining period.
Step 4. Multiply the quotient by 365.
Start day
Subject to subsection (3), the start day for the election under subsection (1) must be the day on which the parent makes that election.
If:
an event affecting the accuracy of an estimate on which the earlier election is based has occurred; and
the amount that would be worked out under subsection (1) for an election under that subsection if the start day for that election was the day on which the event occurred is more than:
if subsection 60(2) or (3) applied to the earlier election—the amount that applied under that subsection; or
if the earlier election was made under subsection (1) of this section—the amount worked out under that subsection;
the start day for the election under subsection (1) of this section must be the day on which the event occurred.
How election is made
The parent makes the election under subsection (1) by giving notice of it to the Registrar in the manner specified by the Registrar.
The notice must specify:
the amount worked out under subsection (1); and
the day that is the start day for the election under that subsection; and
each of the income component amounts estimated by the parent under step 1 of the method statement in that subsection.
24 Subsections 63(1) and (2)
Repeal the subsections, substitute:
If:
a parent makes an election under subsection 62A(1) relating to the year of income; and
the parent is to be assessed in respect of the costs of a child of the parent for a day in a child support period; and
the day occurs in the application period for the election;
then, for the purposes of so assessing the parent, the parent’s adjusted taxable income is the amount worked out under that subsection.
The application period for an election under subsection 62A(1) relating to a year of income is the period that:
starts on the start day for the election unless the election is revoked before that day; and
ends:
at the end of the last day of the year of income; or
if the parent revokes the election before that day and makes another election (the later election) under subsection 62A(1) relating to the year of income—at the end of the day before the start day for the later election.
Subsection (1) has effect subject to an income amount order that applies in relation to the parent and any part of the application period for the later election.
Note: The heading to section 63 is altered by omitting “revocation” and substituting “later election”.
25 Subsection 63(3)
Omit “and any part of the child support period”.
26 Subsection 63(4)
Omit “section 60”, substitute “subsection 62A(1)”.
27 Subsection 63(4)
Omit “and the child support period”.
28 After section 63
Insert:
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.