67DDIndexed actual incomes

67DD Indexed actual incomes

(1) The Secretary may calculate an indexed actual income for an individual under subsection (4), with a start day chosen by the Secretary, if: (a) the individual, or the individual’s partner, is a claimant for CCS by fee reduction; and (b) a determination is in effect under paragraph 67CC(1)(a) that the claimant is eligible for CCS; and (c) information about the adjusted taxable income of the individual needed to make a determination under Division 3 for the claimant is not known; and (d) the most recent such determination made for the claimant was made on the basis of an indexed estimate or an indexed actual income; and (e) since the claimant was last given a notice under subsection 67DC(2) or subsection (2) of this section stating an indexed estimate or indexed actual income for an individual, the claimant has not given the Secretary an estimate of the claimant’s adjusted taxable income that the Secretary considers to be reasonable; and (f) the adjusted taxable income for an income year (actual income) of the individual (disregarding the effect for couples of clause 3AA of Schedule 3 to the Family Assistance Act) becomes known to the Secretary and it is the most recent income year for which the individual’s actual income is known to the Secretary. (2) If: (a) the Secretary calculates an indexed actual income for the individual; and (b) the indexed actual income is greater than the individual’s current ATI number (see subsection (5)); the Secretary may give the claimant a notice: (c) stating the indexed actual income for the individual; and (d) specifying the start day used in the Secretary’s calculation (which must be the start of a CCS fortnight at least 14 days after the day the notice is given). (3) A notice given to a claimant under subsection (2) stating an indexed actual income for an individual has no effect if, before the start day specified in the notice, the Secretary gives the claimant another notice under that subsection or a notice under subsection 55AA(2) stating an indexed estimate or indexed actual income for the same individual. Any other such notice must specify a start day that is no earlier than the start day specified in the superseded notice. (4) Calculate an indexed actual income (which may be nil) for the individual by multiplying the actual income of the individual which became known to the Secretary by the indexation factor, rounding the result to the nearest dollar and rounding 50 cents upwards. The indexation factor is the greater of 1 and the factor worked out to 3 decimal places as follows (increasing the factor by 0.001 if it would, if worked out to 4 decimal places, end in a number greater than 4): Start formula start fraction AWE for the reference period in the most recent November over AWE for the reference period in the highest previous November end fraction end formula where: