Commonwealth legislation

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008 (No. 2)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This determination sets the deeming rates Centrelink uses to assume income from financial investments—3% below the asset threshold and 5% above it. It affects recipients of income support (Age Pension, DSP, JobSeeker, etc.), because deemed income, not actual returns, is used in the income test and can reduce payments if it exceeds real investment earnings.

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Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008 (No. 2)

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Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008 (No.2)

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

Dated 13 November 2008

JULIA GILLARD

Minister for Education

Minister for Employment and Workplace Relations

1 Name of determination

This determination is the Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008 (No. 2).

2 Commencement

This determination commences on 17 November 2008.

3 Revocation

The Social Security (Deeming Threshold Rates) (DEEWR) Determination 2008 is revoked.

4 Interpretation

In this determination:

Act means the Social Security Act 1991.

5 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 3 per cent.

6 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 5 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 (No. 2)