319Working out the daily means tested amount

319  Working out the daily means tested amount

 (1) The daily means tested amount for an individual is worked out as follows:

Work out the per day income tested amount using Steps 1 to 7:

Step 1. Work out the individual’s total assessable income (which is determined under section 322).

Step 2. If the individual’s total assessable income does not exceed the total assessable income free area (see subsection (2)), the per day income tested amount is zero.

Step 3. If the individual’s total assessable income exceeds the total assessable income free area but not the first income threshold (see paragraph (4)(a)), the per day income tested amount is 50% of that excess, divided by 364.

Step 4. If the individual’s total assessable income exceeds the first income threshold but not the second income threshold (see paragraph (4)(b)), the per day income tested amount is 50% of the difference between the total assessable income free area and the first income threshold, divided by 364.

Step 5. If the individual’s total assessable income exceeds the second income threshold but not the third income threshold (see paragraph (4)(c)), the per day income tested amount is the sum of the following, divided by 364:

 (b) 50% of the excess above the second income threshold.

Step 6. If the individual’s total assessable income exceeds the third income threshold but not the fourth income threshold (see paragraph (4)(d)), the per day income tested amount is the sum of the following, divided by 364:

 (b) 50% of the difference between the second income threshold and the third income threshold.

Step 7. If the individual’s total assessable income exceeds the fourth income threshold, the per day income tested amount is the sum of the following, divided by 364:

 (b) 50% of the difference between the second income threshold and the third income threshold;

 (c) 50% of the excess above the fourth income threshold.

Work out the per day asset tested amount using Steps 8 to 14:

Step 8. Work out the value of the individual’s assets (which is determined under section 329).

Step 9. If the value of the individual’s assets does not exceed the asset free area (see subsection (3)), the per day asset tested amount is zero.

Step 10. If the value of the individual’s assets exceeds the asset free area but not the first asset threshold (see paragraph (4)(e)), the per day asset tested amount is 17.5% of the excess, divided by 364.

Step 11. If the value of the individual’s assets exceeds the first asset threshold but not the second asset threshold (see paragraph (4)(f)), the per day asset tested amount is 17.5% of the difference between the asset free area and the first asset threshold, divided by 364.