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Determinations/Financial (Other) as made
This determination prescribes that the value of a person’s financial assets are added together and income is deemed on these assets using a ‘below threshold rate’ and an ‘above threshold rate’. From 1 July 2019, the first $51,800 of a single person’s financial assets, $86,200 of a pensioner couple’s combined financial assets and $43,100 of each member of a couple who is a social security allowance recipient’s financial assets is deemed to earn the below threshold rate, and the balance over this amount is deemed to earn the above threshold rate. These thresholds are indexed to the Consumer Price Index, and increase on 1 July each year.
Administered by: Social Services
Registered 16 Jul 2019
Tabling HistoryDate
Tabled HR22-Jul-2019
Tabled Senate22-Jul-2019
Table of contents.

 

Social Security (Deeming Threshold Rates) Determination 2019

 

 

 

I, Anne Ruston, Minister for Families and Social Services, make the following Determination.

Dated   13 July 2019               

Anne Ruston

Minister for Families and Social Services

 

 

 


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Schedules................................................................................................................................. 1

6  Below threshold rate................................................................................................................. 1

Schedule 1—Repeals                                                                                                     2

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2013 (No.1)                 2

Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013                            2

Social Security (Deeming Threshold Rates) Determination 2015 (No.1)                                   2

 

 


1  Name

                   This instrument is the Social Security (Deming Threshold Rates) Determination 2019.

2  Commencement

                   This instrument commences on 1 July 2019.

3  Authority

                   This instrument is made under section 1082 of the Social Security Act 1991.

4  Definitions

                   In this instrument:

Act means the Social Security Act 1991.

5  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

6  Below threshold rate

(1)    For subsection 1082(1) of the Act, the below threshold rate for Division 1B of Part 3.10 of the Act is 1.00 per cent.

7 Above threshold rate

(1)    For subsection 1082(2) of the Act, the above threshold rate for Division 1B of Part 3.10 of the Act is 3.00 per cent.

 

 

 

 

 

 

 



Schedule 1—Repeals

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2013 (No.1)

1  The whole of the instrument

Repeal the instrument

Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013

2  The whole of the instrument

Repeal the instrument

Social Security (Deeming Threshold Rates) Determination 2015 (No.1)

3  The whole of the instrument

Repeal the instrument