64AReconciliation using a parent’s actual adjusted taxable income—more than one income election

#### 64A Reconciliation using a parent’s actual adjusted taxable income—more than one income election (1) This section applies for the purposes of assessing a parent in relation to the costs of a child of the parent for a day in a child support period if: (a) the day occurs in the application period for an income election relating to a year of income that was made by the parent; and (b) the parent made more than one income election relating to the year of income; and (c) the parent’s actual adjusted taxable income for the year of income has been ascertained by the Registrar; and (d) if the Registrar has made a determination under subsection 64AB(1) in relation to the parent—the parent’s actual adjusted taxable income for the year of income is more than the parent’s determined ATI for that year; and (e) if, under section 63A, 63B or 63C, the Registrar has amended an assessment of child support payable by or to the parent—the Registrar determines that this section should apply in relation to the parent. Reconciliation (2) Subject to this section, if the difference (the actual ATI amount) between: (a) the parent’s actual adjusted taxable income for the year of income; and (b) the parent’s applicable year to date income amount (if any) for the year of income; is more than the parent’s estimated ATI amount for the year of income, then the parent’s adjusted taxable income for a day that occurs in the application period of each income election made by the parent is taken to be, and to have always been, the amount worked out for that income election using the method in subsection (4). Estimated ATI amount (3) The parent’s estimated ATI amount for the year of income is worked out using the following method: Method statement Step 1. For each income election relating to the year of income that had an application period that ended before the last day of the year of income: (a) if subsection 60(2) applied to the income election—divide the amount that applied under that subsection by 365; or (b) otherwise—divide the partial year income amount worked out under subsection 60(4) or 62A(1) by the number of days in the remaining period to which the income election related. Step 2. For each of those income elections, multiply the result of step 1 by the number of days in the application period for the income election. Step 3. Add up each of the amounts worked out under step 2. Step 4. Add the result of step 3 and the partial year income amount worked out under subsection 62A(1) for the last income election relating to the year of income that was made by the parent. Amount for the purposes of subsection (2) (4) For the purposes of subsection (2), the amount for each income election is worked out using the following method: Method statement Step 1. Subtract the parent’s estimated ATI amount from the parent’s actual ATI amount. Step 2. Divide the result by the total number of days in the application periods for each income election relating to the year of income that was made by the parent. The result is the additional daily rate. Step 3. For each of those income elections, multiply the additional daily rate by the number of days in the application period for the income election. The result is the underestimated amount for the income election. Step 4. For each of those income elections, add the underestimated amount for the income election and: (a) if the income election had an application period that ended before the last day of the year of income—the amount worked out for the income election under step 2 of the method statement in subsection (3); or (b) otherwise—the partial year income amount worked out under subsection 62A(1) for the income election. Step 5. For each of those income elections: (a) divide the result of step 4 by the number of days in the application period for the income election; and (b) multiply the quotient by 365. Income amount orders (5) This section does not apply if an income amount order applies in relation to the parent and any part of an application period for any of the income elections.