A New Tax System (Bonuses for Older Australians) Act 1999 (REPEALED)
Part 2
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Family and Community Services customers who qualify for bonus payment
Division 1
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Interpretation
6
Annual retirement income and annual savings and investment income
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customers with no previous calculation of ordinary income on a yearly basis
(1)
If section 5 does not apply to a Family and Community Services customer, the customer's annual retirement income and annual savings and investment income for the purposes of this Part are worked out in accordance with this section.
(2)
The customer's annual retirement income is the customer's ordinary income on a yearly basis worked out:
(a) on the basis of the customer's circumstances at the time the Secretary first determines the customer's entitlement to a bonus payment under this Part; and
(b) by making the assumptions in paragraphs 5(3)(a) to (e).
(3)
The customer's annual savings and investment income is worked out as follows: Method statement
Step 1.
Step 2.
If section 5 does not apply to a Family and Community Services customer, the customer's annual retirement income and annual savings and investment income for the purposes of this Part are worked out in accordance with this section.
(2)
The customer's annual retirement income is the customer's ordinary income on a yearly basis worked out:
(a) on the basis of the customer's circumstances at the time the Secretary first determines the customer's entitlement to a bonus payment under this Part; and
(b) by making the assumptions in paragraphs 5(3)(a) to (e).
(3)
The customer's annual savings and investment income is worked out as follows: Method statement
Step 1.
Work out under subsection (2) what would be the customer's annual retirement income if, in addition to making the assumptions in paragraphs 5(3)(a) to (e), it were assumed that the below threshold rate determined under subsection 1082(1) of the Social Security Act 1991 were the same as the above threshold rate determined under subsection 1082(2) of that Act.
Step 2.
Work out how much of the Step 1 amount is attributable to savings and investments. The result is the customer's annual savings and investment income .
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