Commonwealth legislation

Social Security (Deeming Threshold Rates) Determination (DEST) 2007

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument fixes Centrelink's 2007 deeming rates — 3.5% on financial assets up to the statutory threshold and 5.5% on amounts above it — used to calculate assumed income from savings and investments.

It affects recipients of income‑tested payments (Age Pension, DSP, JobSeeker, etc.) because higher deemed income can reduce fortnightly entitlements.

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Social Security (Deeming Threshold Rates) Determination (DEST) 2007

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Social Security (Deeming Threshold Rates) Determination (DEST) 2007

Social Security Act 1991

I, JULIE ISABEL BISHOP, Minister for Education, Science and Training, make this determination under section 1082 of the Social Security Act 1991[1].

Dated 8 March 2007.

JULIE ISABEL BISHOP

Minister for Education, Science and Training

1 Name of determination

This determination is the Social Security (Deeming Threshold Rates) Determination (DEST) 2007.

2 Commencement

This determination commences on 20 March 2007.

3 Interpretation

In this determination:

Act means the Social Security Act 1991.

4 Revocation of Social Security (Threshold Rates) Determination 2004 (No. 1)

The Social Security (Threshold Rates) Determination 2004 (No. 1) is revoked.

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 3.5%.

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 5.5%.

[1] This determination has effect in relation to provisions of the Social Security Act 1991 in so far as they relate to matters for which the Department of Education, Science and Training has responsibility under the Administrative Arrangements Order.

Source text

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

1 Social Security (Deeming Threshold Rates) Determination (DEST) 2007

Social Security (Deeming Threshold Rates) Determination (DEST) 2007

Social Security Act 1991

I, JULIE ISABEL BISHOP, Minister for Education, Science and Training, make this determination under section 1082 of the Social Security Act 1991[1].

Dated 8 March 2007.

JULIE ISABEL BISHOP

Minister for Education, Science and Training

1 Name of determination

This determination is the Social Security (Deeming Threshold Rates) Determination (DEST) 2007.

2 Commencement

This determination commences on 20 March 2007.

3 Interpretation

In this determination:

Act means the Social Security Act 1991.

4 Revocation of Social Security (Threshold Rates) Determination 2004 (No. 1)

The Social Security (Threshold Rates) Determination 2004 (No. 1) is revoked.

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 3.5%.

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 5.5%.