Commonwealth legislation

Veterans' Entitlements Income Exempt Lump Sum Determination No. 1 of 2002

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 ensures one-off lump-sum NSW Fisheries buyouts paid to commercial licence holders for exclusion from protected marine areas are not treated as "income" under the Veterans' Entitlements Act 1986.

It protects veterans (and eligible dependants) who hold NSW commercial fishing licences so their pension or benefits aren’t reduced by these compensation payments.

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Current sections

Direct links to the current provisions in Veterans' Entitlements Income Exempt Lump Sum Determination No. 1 of 2002.

Part 1

Preliminary and Interpretation

Part 1: Preliminary and Interpretation

1.1 NAME OF DETERMINATION

This determination is the Veterans’ Entitlements Income Exempt Lump Sum Determination No. 1 of 2002.

1.2 COMMENCEMENT

This determination commences on the date it is signed.

1.3 DEFINITIONS

In this determination:

“Act” means the Veterans’ Entitlements Act 1986.

“licence holder” means a person who has been issued a licence under the provisions of the Fisheries Management Act 1994 (NSW) and the Fisheries Management (General) Regulations 1995 (NSW) that allows that person to take and sell fish in certain waters of New South Wales.

Part 2

Exempt Lump Sums

Part 2: Exempt Lump Sums

2.1 Amount or Class of Amounts

(1) Paragraph 5H(12)(c) of the Act provides that an amount, or class of

amounts, received by a person is an exempt lump sum if the amount, or class of amounts, is determined to be an exempt lump sum.

(2) The Department of New South Wales Fisheries is establishing a number of areas within New South Wales to be protected from commercial fishing. Within each of the identified areas to be protected, the Department of New South Wales Fisheries will be offering all licence holders an ex gratia lump sum payment under a deed of arrangement to compensate those licence holders for their exclusion and the surrender of their licence to the Department of New South Wales Fisheries.

2.2 Application – Exempt Lump Sums

It is appropriate to determine that an amount, or class of amounts, paid to a person is an exempt lump sum for the purposes of paragraph 5H(12)(c) of the Act from the date that the amount is paid, where the amount is paid by the Department of New South Wales Fisheries to a licence holder to compensate that licence holder for being excluded from commercial fishing in an area or areas to be protected from commercial fishing. .

Source text

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

Part 1 Preliminary and Interpretation