Commonwealth legislation

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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What this does

This sets the "deeming rates"—the interest rates Centrelink uses to assume how much income pensioners earn from their financial investments (like bank accounts, shares, and term deposits), regardless of what those investments actually earn.

The rates

2.5% — applies to the portion of your investments below a certain threshold amount
4% — applies to the portion of your investments above that threshold

Who it affects

People receiving income support payments (such as the Age Pension, Disability Support Pension, or JobSeeker Payment) who have financial assets.

Why it matters

Centrelink adds this "deemed" income to any other income you earn to work out your pension rate. If Centrelink assumes you earn more than you actually do, your payment may be lower. These rates replace the previous 2010 rates and take effect on 20 March 2013.

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Current sections

Direct links to the current provisions in Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2013.

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

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

I, Jenny Macklin, Minister for Families, Community Services and Indigenous Affairs and Minister for Disability Reform, acting under section 1082 of the Social Security Act 1991 make this Determination[1].

Dated 12 February 2013

Jenny Macklin

Minister for Families, Community Services and Indigenous Affairs and Minister for Disability Reform

1 Name of Determination

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

The Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2010 (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 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) (FaHCSIA) Determination 2013

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

Dated 12 February 2013

Jenny Macklin

Minister for Families, Community Services and Indigenous Affairs and Minister for Disability Reform

1 Name of Determination

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

The Social Security (Deeming Threshold Rates) (FaHCSIA) Determination 2010 (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 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.