Child Support (Assessment) Regulations 2018
15Conversion of periodic amounts into annual rates
Start here
Get a plain-English read of 15
Turn the raw legal text into a practical explanation grounded in Child Support (Assessment) Regulations 2018.
15 Conversion of periodic amounts into annual rates
If a child support agreement refers to a periodic amount of payment (the periodic amount), the annual rate of payment (the annual rate) in respect of the periodic amount is to be worked out as follows: (a) in the case of a daily amount—in accordance with the formula: Start formula PA times 365.25 equals AR end formula (b) in the case of a weekly amount—in accordance with the formula: Start formula start fraction PA over 7 end fraction times 365.25 equals AR end formula (c) in the case of a periodic amount that is in respect of a period that is a multiple of one week—in accordance with the formula: Start formula start fraction PA times 365.25 over 7 times NW end fraction equals AR end formula (d) in the case of a monthly amount—in accordance with the formula: Start formula start fraction PA times 365.25 over 30.4375 end fraction equals AR end formula (e) in the case of a periodic amount that is in respect of a period that is a multiple of one month—in accordance with the formula: Start formula start fraction PA times 365.25 over 30.4375 times NM end fraction equals AR end formula where:
AR is the annual rate.
NM is the number of months in respect of which the periodic amount is specified.
NW is the number of weeks in respect of which the periodic amount is specified.
PA is the periodic amount.