Commonwealth legislation

Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

What this does: Sets the interest rates used to calculate how much income students and apprentices are assumed to earn from their savings and investments when receiving Austudy or Youth Allowance.

Why it matters: The government uses "deeming rates" (instead of actual bank interest) to work out if someone has too much income to qualify for benefits, or how much their payment should be reduced. This Determination fixes those rates at:

2.5% for financial investments below the threshold amount
4% for financial investments above the threshold amount

Who it affects: Only people receiving Austudy or Youth Allowance (specifically full-time students and apprentices). It does not affect pensioners or other welfare recipients—their deeming rates are set separately by a different Minister.

Key detail: This replaces any earlier rate-setting rules, but only for these specific student payments, reflecting that different government departments handle different types of welfare benefits.

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Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013

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Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013

I, Chris Bowen, Minister for Tertiary Education, Skills, Science and Research, acting under section 1082 of the Social Security Act 1991 make this Determination[1].

Dated 5 March 2013

Chris Bowen

Minister for Tertiary Education, Skills, Science and Research

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013.

2 Commencement

This Determination commences on 20 March 2013.

3 Interpretation

In this Determination:

Act means the Social Security Act 1991.

4 Revocation of previous Determination

Any previous Determination made under section 1082 of the Act, is revoked on the commencement of this Determination, but only so far as the previous Determination applies to persons receiving:

(a) Austudy and Youth Allowance (in respect of apprentices and full time students); and

(b) any other payment, allowance or supplement under the Act, insofar as that payment, allowance or supplement relates to persons receiving Austudy and Youth Allowance (in respect of apprentices and full time students).

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 2.5 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 4 per cent.

[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 I have 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) (DIISRTE) Determination 2013

Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013

I, Chris Bowen, Minister for Tertiary Education, Skills, Science and Research, acting under section 1082 of the Social Security Act 1991 make this Determination[1].

Dated 5 March 2013

Chris Bowen

Minister for Tertiary Education, Skills, Science and Research

1 Name of Determination

This Determination is the Social Security (Deeming Threshold Rates) (DIISRTE) Determination 2013.

2 Commencement

This Determination commences on 20 March 2013.

3 Interpretation

In this Determination:

Act means the Social Security Act 1991.

4 Revocation of previous Determination

Any previous Determination made under section 1082 of the Act, is revoked on the commencement of this Determination, but only so far as the previous Determination applies to persons receiving:

(a) Austudy and Youth Allowance (in respect of apprentices and full time students); and

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 2.5 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 4 per cent.