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VETERANS' ENTITLEMENTS (CLARKE REVIEW) ACT 2004 NO. 100, 2004 - SCHEDULE 1

- Indexation of above general rate disability pensions

Veterans' Entitlements Act 1986

1 Subsection 22(4)

Omit "increased by 50% of the maximum rate set out in subsection (3)", substitute "$433.65 per fortnight".

2 Paragraph 98B(1)(a)

Omit "a rate that had been increased under", substitute "the rate specified in".

3 Subparagraph 99(2)(a)(i)

Omit "increased", substitute "worked out".

4 Subparagraph 113(2)(b)(i)

Omit "increased", substitute "worked out".

5 Subsection 198(1)

Insert:

"above general rate "means the following rates:

(a) the rate under subsection 22(4);
(b) the rate under subsection 23(4);
(c) the rate under subsection 24(4).

6 Subsection 198(1) (paragraphs (b) and (c) of the definition of
relevant rate )

Repeal the paragraphs.

7 At the end of subsection 198(4) (before the note)

Add:

Note 1: For indexation of each above general rate, see subsection (5E).

8 Subsection 198(4) (note)

Omit "Note", substitute "Note 2".

9 After subsection 198(5D)

Insert:

(5E)
This Act has effect as if, on the first day (the adjustment day ) of each relevant period, there were substituted, for each above general rate, the rate worked out as follows:

Method statement

Step 1 . Work out the general rate on the adjustment day.
Step 2 . Work out the general rate on the day before the adjustment day.
Step 3 . Work out the above general rate on the day before the adjustment day.
Step 4 . Subtract the rate at step 2 from the rate at step 3.
Step 5 . Multiply the amount worked out at step 4 by the pension MBR factor specified in section 59LA (rounding the result up to the nearest $0.10).
Step 6 . Add the rate worked out at step 1 to the amount worked out at step 5: the result is the above general rate on the adjustment day.

10 Subsection 198(10)

After "relevant rate", insert "or an above general rate".


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