Document ID: chunk:federal_register_of_legislation:C2010A00065:clause:1_24
Version: federal_register_of_legislation:C2010A00065
Segment Type: clause
Provision Reference: sch 1 cl 24
Character Range: 15242–16516

24  Subsections 63(1) and (2)
Repeal the subsections, substitute:
 (1) If:
 (a) a parent makes an election under subsection 62A(1) relating to the 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 worked out under that subsection.
 (2) The application period for an election under subsection 62A(1) relating to a year of income is the period that:
 (a) starts 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 the 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.
 (2A) Subsection (1) has effect subject to an income amount order that applies in relation to the parent and any part of the application period for the later election.
Note: The heading to section 63 is altered by omitting "revocation" and substituting "later election".