Document ID: chunk:federal_register_of_legislation:C2024C00583:clause:1_24c:p2
Version: federal_register_of_legislation:C2024C00583
Segment Type: clause
Provision Reference: sch 1 cl 24C (pt 2/2)
Character Range: 357529–359036

365 and rounded to the nearest cent (rounding 0.5 cents upwards).

           Step 2. Distribute the amount worked out under step 4 of the method statement in subclause (1) equally among each relevant balance, up to the amount of the daily cap for the relevant balance.
           Step 3. Distribute any remaining amount equally among each relevant balance for which the daily cap has not been reached, up to the amount of the daily cap for the relevant balance.
           Step 4. Reapply step 3 to any remaining amount until:

                (a) there is no remaining amount to distribute; or
                (b) the daily cap for each relevant balance is reached.

           Step 5. The amount that accrues to each of the relevant balances for the day is the sum of the amount distributed under step 2 and any additional amounts distributed under steps 3 and 4, with that sum rounded to the nearest cent (rounding 0.5 cents upwards).
 (3) To avoid doubt, clauses 24B and 24C apply only once for a day in relation to any relevant balance.
 (4) For the purposes of step 1 of the method statement in subclause (2), the annualised amount of maintenance income received in an income year from a registered entitlement, and any related private collection entitlement, of an individual (or an individual's partner) is the amount worked out by using this formula:

 (5) In this clause:
related private collection entitlement, in relation to a registered entitlement, has the same meaning as in clause 24D.