{"id":"F2018L01621","name":"Social Security (Loan Fringe Benefits – Market Rate of Interest) Determination 2018","slug":"social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":98272,"registerId":"commonwealth-F2018L01621-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Social Security (Loan Fringe Benefits – Market Rate of Interest) Determination 2018","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\nSocial Security (Loan Fringe Benefits – Market Rate of Interest) Determination 2018\n\n \n\n \n\nI, Paul Fletcher, Minister for Families and Social Services make the following instrument.\n\nDated 22 November 2018\n\nPaul Fletcher\n\nMinister for Families and Social Services\n\n1 Name of Determination\n\n  This instrument is the Social Security (Loan Fringe Benefits – Market Rate of Interest) Determination 2018.\n\n2 Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered. 28 November 2018\n\n\n \n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3 Authority\n\n  This instrument is made under subsection 1157Q(4A) of the Social Security Act 1991.\n\n4 Schedule – Revocation of previous Determination\n\n  Schedule 1 repeals the Social Security (Loan Fringe Benefits) (Market Rate of Interest) Determination No. 1.\n\n5 Definitions\n\n  In this instrument:\n\n  Act means the Social Security Act 1991.\n\n6 Loan fringe benefits – market rate of interest\n\n  For subsection 1157Q(4A) of the Act, the following banks are specified:\n\n(a)   Australia and New Zealand Banking Group Limited;\n\n(b)   Commonwealth Bank of Australia;\n\n(c)   National Australia Bank Limited;\n\n(d)   Westpac Banking Corporation.\n\nSchedule 1—Repeals\n\n## Social Security (Loan Fringe Benefits) (Market Rate of Interest) Determination No. 1\n\n1 The whole of the instrument\n\nRepeal the instrument.\n\n \n\n \n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument continues the limited function of specifying reference banks for s1157Q(4A). It repeals the earlier Determination but contains no additional categories or expanded regulatory powers; the text provides no evidence of a broader scope change."},"complexity_factors":["Single‑purpose instrument: sole operative provision lists four banks (s6) — low statutory detail.","Depends on external statute: substantive meaning and calculation mechanics are in the Social Security Act (s1157Q(4A)), requiring cross‑reference (s3, s6).","Repeal of prior Determination (s4, Schedule 1) means assessing change requires comparison with the revoked instrument.","Commencement is immediate (day after registration) and clearly stated (s2) — low timing complexity.","No procedural or formulaic detail included here; administrative interpretation of how to apply the listed banks falls to decision‑makers."],"plain_english_summary":"This instrument names four major banks — ANZ, Commonwealth Bank, NAB and Westpac — as the reference lenders used to determine the \"market rate of interest\" for loan fringe benefits under subsection 1157Q(4A) of the Social Security Act (s6). It revokes the prior Determination and commenced the day after registration (s4, s2). It therefore affects decision‑makers applying s1157Q(4A) and employers or recipients whose loan fringe benefits are measured against that market rate because it fixes which banks are used as the reference point (s6)."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: specifying reference banks for loan fringe benefit valuations. It is a direct replacement of the 2017 Determination with identical scope."},"complexity_factors":["Very short instrument (only 6 substantive sections plus a schedule)","Only 1 defined term ('Act')","No nested conditional logic or cross-references beyond a single empowering provision (subsection 1157Q(4A))","Simple list structure in section 6 (four named banks)","Single repeal provision in Schedule 1","No exceptions, exemptions, or operative conditions beyond commencement"],"plain_english_summary":"This Determination sets the market interest rate used to value employer-provided loan fringe benefits for social security income testing. It names the four major Australian banks (ANZ, Commonwealth Bank, NAB, Westpac) as the reference rates and replaces the 2017 Determination.\n\nIt affects Centrelink assessors, employers who offer low- or no-interest loans, and recipients whose payments depend on benefit valuation."}},"importantCases":[],"_links":{"self":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018","history":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018/history","analysis":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018/analysis","conflicts":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018/conflicts","importantCases":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018/important-cases","documents":"/api/acts/social-security-loan-fringe-benefits-market-rate-of-interest-determination-2018/documents"}}