5EPrescribed periodic deduction (Act s 72AA)

#### 5E Prescribed periodic deduction (Act s 72AA) (1) For paragraph 72AA (1) (b) of the Act, the prescribed periodic deduction is the lesser of: (a) 3 times the minimum rate for the instalment period; and (b) the amount of the enforceable maintenance liability payable for the instalment period. (2) For paragraph 72AA (2) (d) of the Act, the prescribed periodic deduction is the lesser of: (a) 3 times the minimum rate for the instalment period less any amount to be deducted from the payer’s social security pension or benefit under paragraph 72AA (1) (b) of the Act; and (b) the amount of the debt that has not been paid. (3) In this regulation: > instalment period means the period for a social security periodic payment determined under paragraph 43 (1) (b) of the Social Security (Administration) Act 1999. > minimum annual rate of child support means the amount > set out in subsection 66 (5) of the Assessment Act as if > that amount applied to a calendar year in which a periodic deduction is made. > minimum rate, for an instalment period in a calendar year, means the amount worked out using the following steps: Step 1: Divide the minimum annual rate of child support by 365.25. Step 2: Round the amount worked out in Step 1 to 5 decimal places by increasing the fifth decimal place by 1 if the sixth decimal place is 5 or more. Step 3: Multiply the amount worked out in Step 2 by the number of days in the instalment period. Step 4: Round the amount worked out in Step 3 to the nearest cent by increasing the second decimal place by 1 if the third decimal place is 5 or more.