11Payment by instalments

11 Payment by instalments

(1) A person may elect to receive the CAPS payment in two instalments, worked out in accordance with this section, in a financial year. (2) If the person is a participating person on 1 July in the financial year: (a) the first instalment is half of the CAPS payment specified in subsection 9(1), to be paid no later than 30 July in the financial year; and (b) the second instalment is the remaining half of the CAPS payment, to be paid on or after 1 January but no later than 31 January in the financial year. (3) If an application under section 5 is received after 1 July but before 1 January in the financial year and is approved, the CAPS payment for the financial year is the amount calculated in accordance with subsection 9(2) with: (a) the first instalment a pro rata amount calculated for the period starting on the day the application was received and ending on 31 December (inclusive) in that financial year, to be paid within 30 days of approval of the application; and (b) the second instalment is the remaining amount of the CAPS payment, to be paid on or after 1 January but no later than 31 January in the financial year. (4) If an application under section 5 is received after 31 December in the financial year and is approved, the CAPS payment for that financial year is the amount calculated in accordance with 9(2), to be paid within 30 days of approval of the application. (5) However, despite anything in this Scheme, a second instalment must not be paid if the person’s participation has ceased to have effect before January in the financial year.