Document ID: chunk:federal_register_of_legislation:C2010A00065:clause:1_18
Version: federal_register_of_legislation:C2010A00065
Segment Type: clause
Provision Reference: sch 1 cl 18
Character Range: 11135–12315

18  Subsection 61(1)
Repeal the subsection, substitute:
 (1) If:
 (a) a parent makes an election under subsection 60(1) relating to a year of income; and
 (b) the parent is to be assessed in respect of the costs of a child of the parent for a day in a child support period; and
 (c) the day occurs in the application period for the election;
then, for the purposes of so assessing the parent, the parent's adjusted taxable income is the amount that applies under subsection 60(2) or 60(3).
 (1A) The application period for an election under subsection 60(1) relating to a year of income is the period that:
 (a) starts:
 (i) if the parent made the election before the year of income started or on the first day of the year of income—on the first day of that year of income; or
 (ii) otherwise—on the start day for the election;
  unless the election is revoked before that day; and
 (b) ends:
 (i) at the end of the last day of that year of income; or
 (ii) if the parent revokes the election before that day and makes another election (the later election) under subsection 62A(1) relating to the year of income—at the end of the day before the start day for the later election.