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Social Security and Other Legislation Amendment (Pension Reform and Other 2009 Budget Measures) Bill 2009

Schedule 6 Income tests

Part 1 Taper rate

Social Security Act 1991

1  Point 1064-E10 (formula)

Omit “0.4”, substitute “0.5”.

2  Point 1066-E8 (formula)

Omit “0.4”, substitute “0.5”.

3  Point 1066A-F9

Repeal the point, substitute:

Pension reduction for ordinary income in excess of ordinary income free area

1066A-F9  A person’s reduction for ordinary income is:



 

Part 2 Income free area

Social Security Act 1991

4  Point 1064-E1 (method statement, step 2)

Omit “points 1064-E4 to 1064-E9”, substitute “point 1064-E4”.

5  Point 1064-E4

Omit “plus an additional corresponding amount in column 5 for each dependent child of the person”.

6  Point 1064-E4 (table E-1, columns 5 and 6)

Repeal the columns.

7  Point 1064-E4 (note 2)

Repeal the note.

8  Points 1064-E5, 1064-E6, 1064-E7, 1064-E8, 1064-E9 and 1064-E12

Repeal the points.

9  Point 1066-E1 (method statement, step 2)

Omit “points 1066-E4 to 1066-E7”, substitute “point 1066-E4”.

10  Point 1066-E4

Omit “plus an additional amount in column 3 for each dependent child of the person”.

11  Point 1066-E4 (table E, columns 3 and 4)

Repeal the columns.

12  Point 1066-E4 (note 1)

Repeal the note.

13  Point 1066-E4 (note 2)

Omit “2”.

14  Points 1066-E5, 1066-E6, 1066-E7 and 1066-E10

Repeal the points.

15  Point 1066A-F1 (method statement, step 2)

Omit “points 1066A-F3 to 1066A-F8”, substitute “point 1066A-F3”.

16  Point 1066A-F3

Omit “plus an additional corresponding amount in column 5 for each dependent child of the person”.

17  Point 1066A-F3 (table F-1, columns 5 and 6)

Repeal the columns.

18  Point 1066A-F3 (note 2)

Repeal the note.

19  Points 1066A-F4, 1066A-F5, 1066A-F6, 1066A-F7, 1066A-F8 and 1066A-F11

Repeal the points.



 

Part 3 Application of amendments

20  Application of amendments

The amendments made by this Schedule apply for the purposes of working out the rates of social security payments for days on or after 20 September 2009.

Note:       After applying those amendments, different rates for some social security payments may be worked out under Schedule 1A to the Social Security Act 1991 .