64Reconciliation of estimated and actual adjusted taxable income after end of child support period

64 Reconciliation of estimated and actual adjusted taxable income after end of child support period

(1) This section applies if: (a) an election made by a parent under section 60 in relation to a child support period has not been revoked at the end of the period; and (b) the parent’s real remaining period adjusted taxable income is more than the amount the parent estimated at step 2 of the method statement in subsection 60(5) for the purposes of making the election; and (c) the annual rate of child support payable by the parent for all the children in a child support case for a day in the child support period is greater than the minimum annual rate for the period. (2) For the purposes of assessing the parent in respect of the costs of a child of the parent for days on or after the election was made but before the end of the child support period, the parent’s adjusted taxable income is taken to be (and always to have been): (a) if the remaining period was 12 months—the parent’s real remaining period adjusted taxable income; and (b) otherwise, the amount worked out by: (i) dividing the parent’s remaining period adjusted taxable income by the number of days in the remaining period; and (ii) multiplying the quotient by 365. (3) Subsection (2) does not apply in relation to any day in the child support period in relation to which an income amount order made before the making of the election applies in relation to the parent. (4) Where an income amount order made after the making of the election applies in relation to the parent and any part of the child support period, subsection (2) has effect subject to the order. (5) The Registrar is to take such action as is necessary to give effect to this section in relation to the parent (whether by amending any administrative assessment that has been made in relation to the child support period or otherwise). (6) In this section:

real remaining period adjusted taxable income of a parent who made an election under section 60 is the amount that would have been the parent’s adjusted taxable income for the remaining period had the remaining period been a year of income.