Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) under subsection 62(1), a parent revokes an income election (the earlier election ) relating to a year of income; and
(b) at the time of the revocation, the application period for the earlier election has started;
the parent must elect that the parent's adjusted taxable income for the year of income is to be the amount the parent works out as follows:
Method statement
Step 1. Estimate each income component amount for the parent for the period (the remaining period ):
(a) starting on the start day for the election made under this subsection; and
(b) ending at the end of the last day of the year of income.
Step 2. Add up those amounts. The result is the partial year income amount .
Step 3. Divide the partial year income amount by the number of days in the remaining period.
Step 4. Multiply the quotient by 365.
Start day
(2) Subject to subsection (3), the start day for the election under subsection (1) must be the day on which the parent makes that election.
(3) If:
(a) an event affecting the accuracy of an estimate on which the earlier election is based has occurred; and
(b) the amount that would be worked out under subsection (1) for an election under that subsection if the start day for that election was the day on which the event occurred is more than:
(i) if subsection 60(2) or (3) applied to the earlier election--the amount that applied under that subsection; or
(ii) if the earlier election was made under subsection (1) of this section--the amount worked out under that subsection;
the start day for the election under subsection (1) of this section must be the day on which the event occurred.
How election is made
(4) The parent makes the election under subsection (1) by giving notice of it to the Registrar in the manner specified by the Registrar.
(5) The notice must specify:
(a) the amount worked out under subsection (1); and
(b) the day that is the start day for the election under that subsection; and
(c) each of the income component amounts estimated by the parent under step 1 of the method statement in that subsection.