Commonwealth legislation

Social Security (Deeming Threshold Rates) Determination 2015 (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This Act has been repealed and is no longer in force. It is retained for historical reference.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 Centrelink’s official deeming rates — 1.75% for the lower portion of financial assets and 3.25% for amounts above the threshold — used to calculate assumed income from savings, shares and term deposits. It affects income-tested social security payments (Age Pension, DSP, Carer Payment, JobSeeker, etc.), and so directly alters fortnightly payment amounts by changing the income Centrelink assumes you earn.

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Social Security (Deeming Threshold Rates) Determination 2015 (No. 1)

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Social Security (Deeming Threshold Rates) Determination 2015 (No. 1)

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

Dated: 6 March 2015

Scott Morrison

Minister for Social Services

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) Determination 2015 (No. 1).

2 Commencement

This Determination commences on 20 March 2015.

3 Revocation of previous Determination

The Social Security (Deeming Threshold Rates) Determination 2013 (No. 2) 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 1.75 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 3.25 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 2015 (No. 1)

Social Security (Deeming Threshold Rates) Determination 2015 (No. 1)

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

Dated: 6 March 2015

Scott Morrison

Minister for Social Services

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) Determination 2015 (No. 1).

2 Commencement

This Determination commences on 20 March 2015.

3 Revocation of previous Determination

The Social Security (Deeming Threshold Rates) Determination 2013 (No. 2) 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 1.75 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 3.25 per cent.