Commonwealth legislation

Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 sets the deeming rates Centrelink uses to calculate assumed income from financial assets when assessing eligibility and payment amounts for income‑tested benefits. It fixes a lower rate (4%) for assets up to a threshold and a higher rate (6%) above it. It affects anyone with bank deposits, shares or similar investments applying for or receiving pensions and income‑tested payments.

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Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008

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Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008

I, Jenny Macklin, Minister for Families, Housing, Community Services and Indigenous Affairs, make this determination under section 1082 of the Social Security Act 1991.

Dated 3 March 2008.

J Macklin

Minister for Families, Housing, Community Services and Indigenous Affairs

Name of determination

This determination is the Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008.

Commencement

This determination commences on 20 March 2008.

Interpretation

In this determination:

Act means the Social Security Act 1991.

Revocation of Social Security (Threshold Rates) Determination 2007

The Social Security (Deeming Threshold Rates) (FaCSIA) Determination 2007 is revoked.

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 4%.

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 6%.

Source text

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

1 Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008

Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008

I, Jenny Macklin, Minister for Families, Housing, Community Services and Indigenous Affairs, make this determination under section 1082 of the Social Security Act 1991.

Dated 3 March 2008.

J Macklin

Minister for Families, Housing, Community Services and Indigenous Affairs

Name of determination

This determination is the Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008.

Commencement

This determination commences on 20 March 2008.

Interpretation

In this determination:

Act means the Social Security Act 1991.

Revocation of Social Security (Threshold Rates) Determination 2007

The Social Security (Deeming Threshold Rates) (FaCSIA) Determination 2007 is revoked.

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 4%.

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 6%.