Annual rate of family tax benefit for individuals

(1)

Subject to sections 60 to 63, an individual's annual rate of family tax benefit is to be calculated in accordance with the Rate Calculator in Schedule 1.

Annual rate of family tax benefit to approved care organisation

(2)

An approved care organisation's annual rate of family tax benefit for an individual is $956.30 per year.

Daily rate of family tax benefit

(3)

The daily rate of family tax benefit is the annual rate divided by 365 and rounded to the nearest cent (rounding 0.5 cents upwards). If the daily rate before rounding is above nil and below half a cent, round up to 1 cent.