4.6.4.30 Rounding Down CCB%

Summary

This topic explains the details of the choice individuals can make to round down their CCB% (1.1.C.10).

Rounding down

All individuals who receive CCB as reduced fees have the choice to round down their CCB% to the nearest whole per cent. This includes individuals receiving the minimum and maximum CCB percentages. Individuals may round down their CCB% by exercising their common law right to receive less than they are entitled to.

Example: 78.65% will become 78%.

Bank or credit union account details

Individuals currently receiving the minimum rate of CCB who choose to round down their CCB% must provide their financial institution details to Centrelink at the time of their request. This is because these individuals may receive a small top-up after the end of the financial year.

Reconciliation (1.1.R.10)

All individuals will be reconciled to 2 decimal places. If an individual underestimated their income, the extra amount will be used to offset the overpayment. If an individual overestimated their income, the extra amount will be paid as a top-up. Maximum and minimum rate individuals who previously had a nil adjustment may now receive a small top-up after the end of the financial year if they choose to round their CCB%.

Policy reference: FA Guide 1.1.R.10 Reconciliation of CCB entitlement (CCB)

Last reviewed: 20 September 2016