Commonwealth legislation

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 the Centrelink “deeming” rates used to calculate income from savings and investments — Centrelink treats financial assets as earning a fixed return rather than using actual interest. It sets 3% for the portion below the asset threshold and 4% above it. It affects recipients of pensions and allowances whose payments are income-tested and can reduce payments if deemed income exceeds their real earnings; it replaces the 2008 rates.

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Current sections

Direct links to the current provisions in Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1).

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1)

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Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1)

I, BRENDAN O’CONNOR, Minister for Employment Participation, make this determination under section 1082 of the Social Security Act 1991.

Dated 21 January 2009

BRENDAN O’CONNOR

Minister for Employment Participation

1 Name of determination

This determination is the Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1).

2 Commencement

This determination commences on 26 January 2009.

3 Revocation

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

4 Definition

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 4 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 2009 (No. 1)

Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1)

I, BRENDAN O’CONNOR, Minister for Employment Participation, make this determination under section 1082 of the Social Security Act 1991.

Dated 21 January 2009

BRENDAN O’CONNOR

Minister for Employment Participation

1 Name of determination

This determination is the Social Security (Deeming Threshold Rates) (DEEWR) Determination 2009 (No. 1).

2 Commencement

This determination commences on 26 January 2009.

3 Revocation

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

4 Definition

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 4 per cent.