Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (5), a determination under subsection 1262(1) is in force for the period specified in the determination. That period must not end after:
(a) 31 March 2021, unless paragraph (b) applies; or
(b) if the determination modifies a provision covered by paragraph 1262(2)(a)--16 April 2021.
(2) The period specified in a determination under subsection 1262(1) may be a period that starts before the day the determination is made.
(3) The Minister may, by legislative instrument, vary a determination under subsection 1262(1).
(4) A variation may be expressed to commence on a day before the day the variation is made.
(5) The Minister may, by legislative instrument, revoke a determination under subsection 1262(1).
(6) A revocation takes effect on the day specified in the instrument of revocation, which must not be earlier than the day that instrument is made.
"Minister" means the Minister administering the Social Security (International Agreements) Act 1999 .
Method statement
Step 1. Work out the person's maximum basic rate using MODULE B below.
Step 1A. Work out the pension supplement amount (if any) using Module BA below.
Step 1B. Work out the energy supplement (if any) using Module C below.
Step 2. Work out the amount per fortnight (if any) of pharmaceutical allowance using MODULE D below.
Step 3. Work out the applicable amount per fortnight (if any) for rent assistance in accordance with paragraph 1070A(a).
Step 4. Add up the amounts obtained in Steps 1 to 4: the result is called the maximum payment rate .
Step 5. Apply the income test using MODULE G below to work out the income reduction.
Step 6. Take the income reduction away from the maximum payment rate: the result is called the provisional fortnightly payment rate .
Step 7. The rate of benefit is the amount obtained by:
(a) subtracting from the provisional fortnightly payment rate any special employment advance deduction (see Part 3.16B); and
(b) if there is any amount remaining, subtracting from that amount any advance payment deduction (see Part 3.16A); and
(c) adding any amount payable by way of remote area allowance (see Module J).
Method statement
Step 1. Work out the amount of the person's ordinary income on a fortnightly basis.
Note: For the treatment of amounts received from friendly societies, see point 1068 - G4.
Step 2. If the person is a member of a couple, work out the partner income free area using point 1068 - G9.
Note: The partner income free area is the maximum amount of ordinary income the person's partner may have without affecting the person's benefit.
Step 3. Use paragraphs 1068 - G10(a), (b) and (c) to work out whether the person has a partner income excess.
Step 4. If the requirements of paragraphs 1068 - G10(a), (b) and (c) are not satisfied then the person's partner income excess is nil.
Step 5. If the requirements of paragraphs 1068 - G10(a), (b) and (c) are satisfied, the person's partner income excess is the partner's ordinary income less the partner income free area.
Step 6. Use the person's partner income excess to work out the person's partner income reduction using point 1068 - G11.
Step 7. Work out whether the person's ordinary income exceeds the person's ordinary income free area under point 1068 - G12.
Note: A person's ordinary income free area is the maximum amount of ordinary income the person may have without affecting the person's benefit rate.
Step 8. If the person's ordinary income does not exceed the person's ordinary income free area, the person's ordinary income excess is nil.
Step 9. If the person's ordinary income exceeds the person's ordinary income free area, the person's ordinary income excess is the person's ordinary income less the person's ordinary income free area.
Step 10. Use the person's ordinary income excess to work out the person's ordinary income reduction using points 1068 - G14, 1068 - G15, 1068 - G16 and 1068 - G17.
Step 11. Add the person's partner income reduction and ordinary income reduction: the result is the person's income reduction referred to in Step 5 of point 1068 - A1.
Method statement
Step 1. Work out the person's maximum basic rate using Module B below.
Step 1A. Work out the amount of pension supplement using Module BA below.
Step 1B. Work out the energy supplement (if any) using Module BB below.
Step 2. Work out the amount per year (if any) of pharmaceutical allowance using Module C below.
Step 3. Work out the amount per year (if any) for rent assistance in accordance with paragraph 1070A(b).
Step 4. Add up the amounts obtained in Steps 1, 1A, 1B, 2 and 3: the result is called the maximum payment rate .
Step 5. Apply the ordinary income test using Module E below to work out the income reduction.
Step 6. Take the income reduction away from the maximum payment rate: the result is called the provisional annual payment rate .
Step 7. The rate of pension PP (single) is the amount obtained by:
(a) subtracting from the provisional annual payment rate any special employment advance deduction (see Part 3.16B); and
(b) if there is any amount remaining, subtracting from that amount any advance payment deduction (see Part 3.16A); and
(c) adding any amount payable by way of remote area allowance (see Module F).
Method statement
Step 1. Work out the amount of the person's ordinary income on a yearly basis.
Step 2. Work out the person's ordinary income free area (see points 1068A - E14 to 1068A - E18 below).
Note: A person's ordinary income free area is the amount of ordinary income that the person can have without any deduction being made from the person's maximum payment rate.
Step 3. Work out whether the person's ordinary income exceeds the person's ordinary income free area.
Step 4. If the person's ordinary income does not exceed the person's ordinary income free area, the person's ordinary income excess is nil.
Step 5. If the person's ordinary income exceeds the person's ordinary income free area, the person's ordinary income excess is the person's ordinary income less the person's ordinary income free area.
Step 6. Use the person's ordinary income excess to work out the person's reduction for ordinary income using points 1068A - E19 and 1068A - E20 below.
Method statement
Step 1. Work out the person's maximum basic rate using Module C below.
Step 2. Work out the amount per fortnight (if any) of rent assistance in accordance with paragraph 1070A(a).
Step 2A. Work out the pension supplement amount (if any) using Module DA below.
Step 2B. Work out the energy supplement (if any) using Module DB below.
Step 3. Work out the amount per fortnight (if any) of pharmaceutical allowance using Module E below.
Step 4. Add up the amounts obtained in steps 1 to 3: the result is called the maximum payment rate .
Step 5. Apply the income test using Module D below to work out the person's income reduction.
Step 6. Take the income reduction away from the maximum payment rate: the result is called the provisional payment rate .
Step 7. The rate of benefit PP (partnered) is the difference between:
(a) the provisional payment rate; and
(b) any advance payment deduction (see Part 3.16A);
plus any amount by way of remote area allowance that, under Module G, is to be added to the person's rate of benefit PP (partnered).
Method statement
Step 1. Work out the person's maximum basic rate using Module C below.
Step 2. Work out the amount per fortnight (if any) of rent assistance in accordance with paragraph 1070A(a).
Step 2A. Work out the pension supplement amount (if any) using Module DA below.
Step 2B. Work out the energy supplement (if any) using Module DB below.
Step 3. Work out the amount per fortnight (if any) of pharmaceutical allowance using Module E below.
Step 4. Add up the amounts obtained in steps 1 to 3: the result is called the maximum payment rate .
Step 5. Apply the income test using Module E of the Rate Calculator in section 1068A to work out the person's income reduction.
Step 6. Take the income reduction away from the maximum payment rate: the rate is called the provisional payment rate .
Step 7. The rate of benefit is the difference between:
(a) the provisional payment rate; and
(b) any advance payment deduction (see Part 3.16A);
plus any amount by way of remote area allowance that, under Module G, is to be added to the person's rate of benefit PP (partnered).
Method statement
Step 1. Work out the amount of the person's ordinary income on a fortnightly basis.
Note: The amount of the person's ordinary income is affected by points 1068B - D2 to 1068B - D21.
Step 2. Work out the partner income free area using point 1068B - D22.
Note: The partner income free area is the maximum amount of ordinary income the person's partner can have without affecting the person's rate.
Step 3. Use point 1068B - D23 to work out the person's partner income excess.
Step 4. Use the person's partner income excess to work out the person's partner income reduction using point 1068B - D24.
Step 5. Work out whether the person's ordinary income exceeds the person's ordinary income free area (see point 1068B - D27).
Note: A person's ordinary income free area is the maximum amount of ordinary income the person can have without affecting the person's rate.
Step 6. If the person's ordinary income does not exceed the person's ordinary income free area, the person's ordinary income excess is nil.
Step 7. If the person's ordinary income exceeds the person's ordinary income free area, the person's ordinary income excess is the person's ordinary income less the person's ordinary income free area.
Step 8. Use the person's ordinary income excess to work out the person's ordinary income reduction using points 1068B - D29 to 1068B - D31.
Step 9. Add the person's ordinary income reduction and partner income reduction: the result is the person's income reduction referred to in step 5 of the method statement in point 1068B - A2.
Method statement
Step 1. Work out the amount of the person's adjusted taxable income for the reference tax year.
Step 1A. If, at the test time, the person, or the person's partner (if any), has at least one long - term financial asset (see point 1071 - 13), work out the person's deemed income amount under:
(a) if, at the test time, the person is not a member of a couple--point 1071 - 11A; or
(b) if, at the test time, the person is a member of a couple--point 1071 - 11B.
Step 1B. Work out the sum of the amounts at step 1 and step 1A (if any).
Step 2. Work out the person's seniors health card income limit using point 1071 - 12.
Step 3. Work out whether the amount at step 1B exceeds the seniors health card income limit.
Step 4. If the amount at step 1B is less than the person's seniors health card income limit, the person satisfies the seniors health card income test.
Step 5. If the amount at step 1B is equal to or exceeds the person's seniors health card income limit, the person does not satisfy the seniors health card income test.
Method statement
Step 1. Work out the total value of all of the person's long - term financial assets (see point 1071 - 13) at the test time.
Step 2. Work out under section 1076 the amount of ordinary income the person would be taken to receive per year on the financial assets:
(a) on the assumption that the only financial assets of the person were the financial assets referred to in step 1; and
(b) on the assumption that the total value of the person's financial assets were the amount at step 1.
Step 3. The result at step 2 is the person's deemed income amount .
Method statement
Step 1. Work out the total value of all of the person's long - term financial assets (see point 1071 - 13) at the test time.
Step 2. If, at the test time, the person's partner has reached the minimum age mentioned in section 301 - 10 of the Income Tax Assessment Act 1997 , work out the total value of all of the person's partner's long - term financial assets (see point 1071 - 13) at the test time.
Step 3. Work out under section 1077 the amount of ordinary income the couple would be taken to receive per year on the financial assets:
(a) on the assumption that section 1077 applied to the person and the person's partner; and
(b) on the assumption that the only financial assets of the person and the person's partner were the financial assets referred to in steps 1 and 2; and
(c) on the assumption that the total value of the couple's financial assets were the sum of the amounts at steps 1 and 2.
Step 4. Divide the amount at step 3 by 2: the result is the person's deemed income amount .
Method statement
Step 1. Work out the amount of the person's ascertained income for the period of 8 weeks ending on the day on which the person lodged the claim.
Step 2. Work out the amount of the person's allowable income for the period.
Step 3. If the person's ascertained income for the period is less than the person's allowable income for the period, the person satisfies the health care card income test.
Step 4. If the person's ascertained income for the period equals or exceeds the person's allowable income for the period, the person does not satisfy the health care card income test.
Method statement
Step 1. Work out the amount of the person's ascertained income for the period of 8 weeks ending on the day on which the change of circumstances occurred.
Step 2. Work out the amount of the person's allowable income for the period.
Step 3. If the person's ascertained income for the period is less than 125% of the person's allowable income for that period, the person satisfies the health care card income test.
Step 4. If the person's ascertained income for the period is 125% or more of the person's allowable income for that period, the person does not satisfy the health care card income test.
Method statement
Step 1. Work out the amount (including a nil amount) of the participant's employment income taken, in accordance with Division 1AA, to have been received on that day.
Step 2. Multiply the amount determined under step 1 by 14. This is the participant's rate of employment income on a fortnightly basis for the day.
Step 3. Add to the participant's rate of employment income on a fortnightly basis for the day the participant's rate of any other ordinary income on a fortnightly basis for the day. This is the participant's rate of total ordinary income on a fortnightly basis for the day.
Step 4. If the participant's rate of total ordinary income on a fortnightly basis for the day is less than $48, there is an accrual to the participant's working credit balance for the day of an amount equal to one fourteenth of the amount by which $48 exceeds that rate. The maximum working credit balance is:
(a) if the participant became a working credit participant on a day under subsection 1073E(2), (3), (4), (5), (5A) or (6) and on that day the participant was receiving youth allowance, the participant was not undertaking full - time study and the participant was not a new apprentice--$3,500; or
(b) in any other case--$1,000.
Step 5. If the participant's rate of total ordinary income on a fortnightly basis for the day is at least $48 but does not exceed the ordinary income free area applicable to the participant for the day under the income test module of the appropriate rate calculator, the participant's working credit balance for the day is neither increased nor reduced.
Step 6. If the participant's rate of total ordinary income on a fortnightly basis for the day is at least $48 and exceeds the participant's applicable ordinary income free area for the day, the participant's working credit balance, if it is greater than nil on the day, is depleted on that day by the least of:
(a) the amount of employment income determined under step 1; or
(b) one fourteenth of the amount by which the participant's rate of total ordinary income on a fortnightly basis exceeds the participant's applicable ordinary income free area; or
(c) the participant's available working credit balance.
Method statement
Step 1. Work out the amount (including a nil amount) of the participant's employment income taken, in accordance with Division 1AA, to have been received on that day.
Step 2. Multiply the amount determined under step 1 by 364. This is the participant's rate of employment income on a yearly basis for the day.
Step 3. Add to the participant's rate of employment income on a yearly basis for the day the participant's rate of any other ordinary income on a yearly basis for the day. This is the participant's rate of total ordinary income on a yearly basis for the day.
Step 4. Divide the participant's rate of total ordinary income on a yearly basis for the day by 26. This is the participant's rate of total ordinary income, expressed on a fortnightly basis, for the day.
Step 5. Divide the yearly ordinary income free area applicable to the participant for the day under the ordinary income test module of the appropriate rate calculator by 26. This is the participant's applicable ordinary income free area, expressed on a fortnightly basis, for the day.
Step 6. If the participant's rate of total ordinary income, expressed on a fortnightly basis, for the day, is less than $48, there is an accrual to the participant's working credit balance, for the day, of an amount equal to one fourteenth of the amount by which $48 exceeds that rate. The maximum working credit balance is $1,000.
Step 7. If the participant's rate of total ordinary income, expressed on a fortnightly basis, for the day, is at least $48 but does not exceed the participant's applicable ordinary income free area, expressed on a fortnightly basis for the day in accordance with step 5, the participant's working credit balance for the day is neither increased nor reduced.
Step 8. If the participant's rate of total ordinary income, expressed on a fortnightly basis, for the day, is at least $48 and exceeds the participant's applicable ordinary income free area, expressed on a fortnightly basis for the day in accordance with step 5, the participant's working credit balance, if it is greater than nil on the day, is depleted on that day by the least of:
(a) the amount of employment income determined under step 1; or
(b) one fourteenth of the amount by which the participant's rate of total ordinary income, expressed on a fortnightly basis, exceeds the participant's applicable ordinary income free area, expressed on that basis; or
(c) the participant's available working credit balance.
Method statement
Step 1. Multiply the person's deeming threshold by the below threshold rate.
Note 1: For deeming threshold see subsection 1081(1).
Note 2: For below threshold rate see subsection 1082(1).
Step 2. Subtract the deeming threshold from the total value of the person's financial assets.
Note: For deeming threshold see subsection 1081(1).
Step 3. Multiply the remainder worked out at Step 2 by the above threshold rate.
Note: For above threshold rate see subsection 1082(2).
Step 4. The total of the amounts worked out at Steps 1 and 3 represents the ordinary income the person is taken to receive per year on the financial assets.
Method statement
Step 1. Multiply the couple's deeming threshold by the below threshold rate.
Note 1: For deeming threshold see subsection 1081(2).
Note 2: For below threshold rate see subsection 1082(1).
Step 2. Subtract the deeming threshold from the total value of the couple's financial assets.
Note: For deeming threshold see subsection 1081(2).
Step 3. Multiply the remainder worked out at Step 2 by the above threshold rate.
Note: For above threshold rate see subsection 1082(2).
Step 4. The total of the amounts worked out at Steps 1 and 3 represents the ordinary income the couple is taken to receive per year on the financial assets.
Method statement
Step 1. Multiply the person's deeming threshold by the below threshold rate.
Note 1: For deeming threshold see subsection 1081(3).
Note 2: For below threshold rate see subsection 1082(1).
Step 2. Subtract the deeming threshold from the total value of the person's financial assets.
Note: For deeming threshold see subsection 1081(3).
Step 3. Multiply the remainder worked out at Step 2 by the above threshold rate.
Note: For above threshold rate see subsection 1082(2).
Step 4. The total of the amounts worked out at Steps 1 and 3 represents the ordinary income the person is taken to receive per year on the financial assets.
Method statement
Step 1. Work out, in relation to a man aged 65 on the person's assessment day for the income stream, the number of expected years remaining in the man's life, by reference to the instrument in force under subsection (11) on that assessment day, rounded down to the nearest whole number of years.
Note: The number of expected years remaining in a 65 - year old man's life is used no matter how old the person is and whether the person is a man or a woman.
Step 2. Increase the number of years at step 1 by 65.
Step 3. Subject to step 4, the person's threshold day for the income stream is the later of the following days:
(a) the day before the person reaches the age in years worked out at step 2;
(b) the last day of the 5 - year period beginning on the person's assessment day for the income stream.
Step 4. If the income stream is a joint income stream, the person's threshold day for the income stream is the later of the following days:
(a) the day before the oldest of the persons, to whom a proportion of the income stream is attributable on the person's assessment day for the income stream, reaches the age in years worked out at step 2;
(b) the last day of the 5 - year period beginning on the person's assessment day for the income stream.
Method statement
Step 1. Add together the value of the assets referred to in paragraph (1)(b): the result is called the unencumbered value .
Step 2. Add together the value of the liabilities referred to in paragraph (1)(c): the result is called the total liability .
Step 3. Take the total liability away from the unencumbered value: the result is the value of the person's primary production asset.
Method statement
Step 1. Work out the sum of the amount of pension received by the person from time to time under the pension loans scheme: the result is the primary loan amount .
Step 1A. Add to the primary loan amount the amount of any pension loans scheme advance payments received by the person: the result is the advance payment adjusted amount .
Step 2. Add to the advance payment adjusted amount the amount of any registration costs payable by the person under subsection 1143(4): the result is the registration cost adjusted amount .
Step 3. Take away from the registration cost adjusted amount the sum of the amount of pension (if any) that would have been received by the person but for the operation of the scheme: the result is the basic amount of debt .
Step 4. Add to the basic amount of debt the amount of interest payable. The interest payable is compound interest at the rate fixed under subsection (4) and compounding fortnightly: the result is the total amount of debt .
Step 5. From the total amount of debt take away any amount of the debt already paid to the Commonwealth: the result is the current amount of debt owed by the person.
Method statement
Step 1. Work out the engine capacity of the car and go to the relevant Part of the Car Fringe Benefits Value Table.
Step 2. Work out how old the car is and go to the appropriate row in the Table.
Step 3. Work out how many complete months in the appropriate tax year the person had or will have the car fringe benefit and go to the appropriate column in the Table: the number where that row and column intersect is the value of the car fringe benefit .
Note: If the person is a member of a couple, the value of the car fringe benefit is to be halved in certain circumstances (see subsection (3)).
Method statement
Step 1. Work out whether the loan is a housing loan or another type of loan.
Note: For housing loan see subsection 10A(9).
Step 2. Work out the notional rate of interest for the loan using subsection (2), (3) or (4).
Step 3. Work out the actual rate of interest for the loan in the appropriate tax year using subsection (5).
Step 4. Work out whether the actual rate of interest exceeds the notional rate of interest.
Step 5. If the actual rate of interest is equal to or exceeds the notional rate of interest, the value of the loan fringe benefit is nil.
Note: If the value of the loan fringe benefit is nil, you do not have to go any further in the Method statement.
Step 6. If the actual rate of interest is less than the notional rate of interest, take the actual rate of interest away from the notional rate of interest.
Step 7. Work out the amount of the loan (both the principal and interest) that is outstanding in the appropriate tax year using subsection (6).
Step 8. Multiply the rate of interest obtained in Step 6 and the amount obtained in Step 7: the result is the interim value of the loan .
Step 9. Work out how many complete weeks in the appropriate tax year the person had or will have the loan: the result is the number of allowable weeks .
Step 10. Apply the formula:
Step 11. The amount obtained by applying the formula in Step 10 is the value of the loan fringe benefit .
Note: If the person is a member of a couple, the value of the loan fringe benefit is to be halved in certain circumstances (see subsection (7)).
Method statement
Step 1. Work out the location of the unit of accommodation and go to the appropriate row of the Housing Fringe Benefits Value Table.
Step 2. Work out the type of accommodation and go to the appropriate column in the Table: the number where the row and column intersect is the weekly market rent of the unit of accommodation.
Note: If the person is a member of a couple, the weekly market rent is to be halved in certain circumstances (see subsection (4)).
Step 3. Work out how many complete weeks in the appropriate tax year the unit of accommodation was or will be available to the person.
Step 4. Multiply the weekly market rent of the unit of accommodation and the number of weeks obtained in Step 3: the result is the provisional value of the housing fringe benefit .
Step 5. Work out the allowable rent for the unit of accommodation in the appropriate tax year using subsection (3).
Note: If the person is a member of a couple, the allowable rent is to be halved in certain circumstances (see subsection (4)).
Step 6. Take the allowable rent away from the provisional value of the housing fringe benefit: the result is the value of the housing fringe benefit .
Method statement
Step 1. Work out the type of accommodation and go to the appropriate column in the Housing Fringe Benefits Value Table (Defence Force Employees): the number in the appropriate column is the weekly market rent of the unit of accommodation.
Note: If the person is a member of a couple, the weekly market rent is to be halved in certain circumstances (see subsection (4)).
Step 2. Work out how many complete weeks in the appropriate tax year the unit of accommodation was or will be available to the person.
Step 3. Multiply the weekly market rent of the unit of accommodation and the number of weeks obtained in Step 2: the result is the provisional value of the housing fringe benefit .
Step 4. Work out the allowable rent for the unit of accommodation in the appropriate tax year using subsection (3).
Note: If a person is a member of a couple, the allowable rent is to be halved in certain circumstances (see subsection (4)).
Step 5. Take the allowable rent away from the provisional value of the housing fringe benefit: the result is the value of the housing fringe benefit .
Method statement
Step 1. Work out the location of the unit of accommodation and go to the appropriate row of the Housing Fringe Benefits Value Table.
Step 2. Work out the type of accommodation and go to the appropriate column in the Table: the number where the row and column intersect is the weekly market rent of the unit of accommodation.
Note: If the person is a member of a couple, the weekly market rent is to be halved in certain circumstances (see subsection (4)).
Step 3. Work out how many complete weeks in the appropriate tax year the unit of accommodation was or will be available to the person.
Step 4. Multiply the weekly market rent of the unit of accommodation and the number of weeks obtained in Step 3: the result is the provisional value of the housing fringe benefit .
Step 5. Work out the allowable rent for the unit of accommodation in the appropriate tax year using subsection (3).
Note: If a person is a member of a couple, the allowable rent is to be halved in certain circumstances (see subsection (4)).
Step 6. Work out the amount the employer paid or will pay by way of the housing fringe benefits in respect of the unit of accommodation in the appropriate tax year: the result is the employer subsidy .
Step 7. Work out the amount (if any) by which the allowable rent exceeds the employer subsidy: the result is the employee contribution .
Note: If the employer subsidy equals or exceeds the allowable rent, the employee contribution is nil.
Step 8. Take the employee contribution away from the provisional value of the housing fringe benefit: the result is the value of the housing fringe benefit .
Method statement
Step 1. Work out the type of accommodation and go to the appropriate column in the Housing Fringe Benefits Value Table (Defence Force Employees): the number in the appropriate column is the weekly market rent of the unit of accommodation.
Note: If the person is a member of a couple, the weekly market rent is to be halved in certain circumstances (see subsection (4)).
Step 2. Work out how many complete weeks in the appropriate tax year the unit of accommodation was or will be available to the person.
Step 3. Multiply the weekly market rent of the unit of accommodation and the number of weeks obtained in Step 2: the result is the provisional value of the housing fringe benefit .
Step 4. Work out the allowable rent for the unit of accommodation in the appropriate tax year using subsection (3).
Note: If a person is a member of a couple, the allowable rent is to be halved in certain circumstances (see subsection (4)).
Step 5. Work out the amount the employer paid or will pay by way of the housing fringe benefits in respect of the unit of accommodation in the appropriate tax year: the result is the employer subsidy .
Step 6. Work out the amount (if any) by which the allowable rent exceeds the employer subsidy: the result is the employee contribution.
Note: If the employer subsidy equals or exceeds the allowable rent, the employee contribution is nil.
Step 7. Take the employee contribution away from the provisional value of the housing fringe benefit: the result is the value of the housing fringe benefit .
Method statement
Step 1. Use section 1193 to work out the indexation factor for the amount on the indexation day.
Step 2. Work out the current figure for the amount immediately before the indexation day.
Step 3. Multiply the current figure by the indexation factor: the result is the provisional indexed amount .
Step 4. Use section 1194 to round off the provisional indexed amount: subject to Division 3, the result is the indexed amount. (The indexed amount (including one replaced under Division 3) may be increased under section 1195 in certain cases.)
Method statement
Step 1. Use section 1197 to work out the living cost indexation factor on that indexation day.
Step 2. Work out the current figure for the starting amount immediately before that indexation day.
Note: For current figure see subsection 20(1).
Step 3. Multiply the current figure by the living cost indexation factor: the result is the provisional living cost amount .
Step 4. Use section 1198 to round off the provisional living cost amount: the result is the living cost amount .
Method statement
Step 1. Work out the amount substituted for the amount specified in column 3 of item 2 of Table B in point 1064 - B1 on that indexation day under section 1192.
Step 2. Multiply the amount worked out at step 1 by 2.
Step 3. Work out 66.33% of the amount worked out at step 2.
Step 4. Round the amount worked out at step 3 to the nearest multiple of $2.60 (rounding up if necessary): the result is the adjusted single pension amount .
• This Part sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections 1207Y and 1208E).
• Attribution starts on 1 January 2002.
• For an asset or income to be attributed to an individual:
(a) the company must be a designated private company or the trust must be a designated private trust (sections 1207N and 1207P); and
(b) the company must be a controlled private company in relation to the individual or the trust must be a controlled private trust in relation to the individual (sections 1207Q and 1207V); and
(c) the individual must be an attributable stakeholder of the company or trust (section 1207X).
• A company or trust will be a controlled private trust or a controlled private company if the individual passes a control test or a source test.
• An individual will not be an attributable stakeholder of a trust if the trust is a concessional primary production trust in relation to the individual.
• The asset deprivation rules and the income deprivation rules are modified if attribution happens.
Method statement
Step 1. Work out the period of the person's Australian working life residence using Module B: the result is called the residence period .
Step 2. Use the person's residence period to work out the person's residence factor using Module C below.
Step 3. Work out the rate that would be the person's pension or allowance rate if this Rate Calculator did not apply to the person: the result is called the person's notional domestic rate .
Step 4. Multiply the person's notional domestic rate by the
person's residence factor: the result is the person's portability
rate.