Document ID: chunk:federal_register_of_legislation:C2006C00468:clause:2_55ab:p1
Version: federal_register_of_legislation:C2006C00468
Segment Type: clause
Provision Reference: sch 2 cl 55AB (pt 1/2)
Character Range: 27209–29877

55AB  Indexed actual incomes

 (1) The Secretary may calculate an indexed actual income for an individual under subsection (4), with a start day chosen by the Secretary, if:
 (a) the individual is a claimant for, or the partner of a claimant for, child care benefit; and
 (b) determinations of conditional eligibility under section 50F and of CCB % under section 50J are in force in respect of the claimant and the effect of the former determination is that the claimant is conditionally eligible for child care benefit by fee reduction; and
 (c) the CCB % is worked out on the basis of an indexed estimate for the claimant or an indexed actual income for the claimant; and
 (d) since the claimant was last given a notice under subsection 55AA(2) or subsection (2) of this section stating an indexed estimate or indexed actual income for an individual, the claimant has not given the Secretary an estimate of the claimant's adjusted taxable income that the Secretary considers to be reasonable; and
 (e) the adjusted taxable income for an income year (actual income) of the individual (disregarding the effect for couples of clause 3 of Schedule 3 to the Family Assistance Act) becomes known to the Secretary and it is the most recent income year for which the individual's actual income is known to the Secretary.

Note: Section 55AC affects the meaning of paragraph (1)(c) for members of couples.

 (2) If:
 (a) the Secretary calculates an indexed actual income for the individual; and
 (b) the indexed actual income is greater than the individual's current ATI number (see subsection (5));
the Secretary may give the claimant a notice:
 (c) stating the indexed actual income for the individual; and
 (d) specifying the start day used in the Secretary's calculation (which must be a Monday at least 14 days after the day on which the notice is given).

 (3) A notice given to a claimant under subsection (2) stating an indexed actual income for an individual has no effect if, before the start day specified in the notice, the Secretary gives the claimant another notice under that subsection or a notice under subsection 55AA(2) stating an indexed estimate or indexed actual income for the same individual. Any other such notice must specify a start day that is no earlier than the start day specified in the superseded notice.

 (4) Calculate an indexed actual income (which may be nil) for the individual by multiplying the actual income of the individual which became known to the Secretary by the indexation factor, rounding the result to the nearest dollar and rounding 50 cents upwards. The indexation factor is the greater of 1 and the factor worked out to 3