Commonwealth legislation

Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008 (No. 2)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

This instrument sets the deeming rates used by Centrelink to calculate assumed income from financial assets for social security income tests. It applies a 3% rate for assets below a threshold and 5% for assets above it, affecting pensioners and other benefit recipients with bank accounts, shares or managed funds. It replaces the 2008 determination.

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Current sections

Direct links to the current provisions in Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008 (No. 2).

Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008 (No. 2)

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Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008 (No.2)

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 12 November 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 (No.2).

Commencement

This determination commences on 17 November 2008.

Interpretation

In this determination:

Act means the Social Security Act 1991.

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

The Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2008 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 3 per cent.

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 per cent.

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 (No. 2)