Commonwealth legislation

Social Security (Deeming Threshold Rates) Determination 2013 (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This Act has been repealed and is no longer in force. It is retained for historical reference.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—2% on financial assets up to the applicable threshold and 3.5% on amounts above it—that Centrelink uses to estimate income from savings and investments for pension and welfare income tests. It affects Age Pension, Disability Support Pension and JobSeeker payments: if your actual returns are lower than the deemed rates, your payment may be reduced; if higher, you may benefit.

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Social Security (Deeming Threshold Rates) Determination 2013 (No. 2)

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Social Security (Deeming Threshold Rates) Determination 2013 (No. 2)

I, Kevin Andrews, Minister for Social Services, acting under section 1082 of the Social Security Act 1991 make this Determination.

Dated 2 October 2013

Kevin Andrews

Minister for Social Services

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) Determination 2013 (No. 2).

2 Commencement

This Determination commences on 4 November 2013.

3 Revocation of previous Determination

The Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2013 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 2 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 3.5 per cent.

Source text

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

1 Social Security (Deeming Threshold Rates) Determination 2013 (No. 2)

Social Security (Deeming Threshold Rates) Determination 2013 (No. 2)

I, Kevin Andrews, Minister for Social Services, acting under section 1082 of the Social Security Act 1991 make this Determination.

Dated 2 October 2013

Kevin Andrews

Minister for Social Services

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) Determination 2013 (No. 2).

2 Commencement

This Determination commences on 4 November 2013.

3 Revocation of previous Determination

The Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2013 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 2 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 3.5 per cent.