Commonwealth legislation

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination sets Centrelink “deeming” rates for income-tested Australian payments: 4% on assets up to the statutory threshold and 6% on assets above it, affecting Age Pension, Disability Support Pension, Carer Payment, JobSeeker and similar recipients with financial investments.

It matters because Centrelink uses these assumed returns to calculate your assessable income — higher deeming can reduce your payment; lower deeming can increase it.

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Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008

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Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008

I, Julia Gillard, Minister for Education and Minister for Employment and Workplace Relations, make this determination under section 1082 of the Social Security Act 1991.

Dated 14 March 2008.

Julia Gillard

Minister for Education

Minister for Employment and Workplace Relations

Name of determination

This determination is the Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008.

Commencement

This determination commences on 20 March 2008.

Interpretation

In this determination:

Act means the Social Security Act 1991.

Revocation of Social Security (Threshold Rates) Determination 2007

The Social Security (Deeming Threshold Rates) Determination (DEWR) 2007 and the Social Security (Deeming Threshold Rates) Determination (DEST) 2007 are revoked.

Below threshold rate

For subsection 1082 (1) of the Act, the below threshold rate for Division 1B of Part 3.10 of the Act is 4 per cent.

Above threshold rate

For subsection 1082 (2) of the Act, the above threshold rate for Division 1B of Part 3.10 of the Act is 6 per cent.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008

I, Julia Gillard, Minister for Education and Minister for Employment and Workplace Relations, make this determination under section 1082 of the Social Security Act 1991.

Dated 14 March 2008.

Julia Gillard

Minister for Education

Minister for Employment and Workplace Relations

Name of determination

This determination is the Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008.

Commencement

This determination commences on 20 March 2008.

Interpretation

In this determination:

Act means the Social Security Act 1991.

Revocation of Social Security (Threshold Rates) Determination 2007

The Social Security (Deeming Threshold Rates) Determination (DEWR) 2007 and the Social Security (Deeming Threshold Rates) Determination (DEST) 2007 are revoked.

Below threshold rate

For subsection 1082 (1) of the Act, the below threshold rate for Division 1B of Part 3.10 of the Act is 4 per cent.

Above threshold rate

For subsection 1082 (2) of the Act, the above threshold rate for Division 1B of Part 3.10 of the Act is 6 per cent.