A New Tax System (Family Assistance) Act 1999
Schedules
Schedule 1 - Family Tax Benefit Rate Calculator
Note: See subsection 58(1) .
Division 4 - Reduction for family tax benefit advance
41 Standard reduction
(1)
Subject to subclause (2), the
standard reduction
for a family tax benefit advance is the amount worked out using the following formula:
Original amount of the family tax benefit advance
Original repayment period |
× 365 |
Member of a couple in a blended family
(2)
If a determination under section
28
that an individual is eligible for a percentage (the
section 28 percentage
) of the family tax benefit for FTB children of the individual is in force, the
standard reduction
for a family tax benefit advance paid to the individual is the amount worked out using the following formula:
Amount worked out under subclause (1)
Section 28 percentage |
Meaning of original repayment period
(3)
The
original repayment period
for a family tax benefit advance is a period of 182 days, unless the Secretary has determined a different period for the advance under clause
42
or
51
.
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