Commonwealth legislation

Social Security (Deeming Threshold Rates) Determination (DEWR) 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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This Determination sets Centrelink's deeming rates — 3.5% for balances up to the statutory threshold and 5.5% above it — used to calculate assumed investment income for income-tested payments. It affects recipients with financial assets and can reduce welfare payments if deemed returns rise; it replaces the 2004 Determination.

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

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

Social Security Act 1991

I, JOE HOCKEY, Minister for Employment and Workplace Relations, make this Determination under section 1082 of the Social Security Act 1991.

Dated 12 March 2007

Joe Hockey

Minister for Employment and Workplace Relations

1 Name of Determination

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

2 Commencement

This Determination commences on 20 March 2007.

3 Interpretation

In this Determination:

Act means the Social Security Act 1991.

Note Other words and phrases used in this Determination that are defined in the Act have the meaning given by the Act.

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 Rates

For subsection 1082 (1) of the Act, the below threshold rate for Division 1B of Part 3.10 of the Act is 3.5 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 5.5 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 (DEWR) 2007

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

Social Security Act 1991

I, JOE HOCKEY, Minister for Employment and Workplace Relations, make this Determination under section 1082 of the Social Security Act 1991.

Dated 12 March 2007

Joe Hockey

Minister for Employment and Workplace Relations

1 Name of Determination

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

2 Commencement

This Determination commences on 20 March 2007.

3 Interpretation

In this Determination:

Act means the Social Security Act 1991.

Note Other words and phrases used in this Determination that are defined in the Act have the meaning given by the Act.

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 Rates

For subsection 1082 (1) of the Act, the below threshold rate for Division 1B of Part 3.10 of the Act is 3.5 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 5.5 per cent.