Social Security and Other Legislation Amendment (Supporting the Transition to Work) Act 2023 (106 of 2023)

Schedule 1   Pensioner work bonus

Veterans' Entitlements Act 1986

6   Subsection 46AC(1)

Repeal the subsection, substitute:

Existing unused concession balances before 1 January 2024

(1) If, immediately before 1 January 2024, a person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)), the person retains that unused concession balance on 1 January 2024.

Initial unused concession balance after 1 January 2024

(1A) A person has an unused concession balance of $4,000 on the first day that is on or after 1 January 2024 and is a day on which section 46AA applies to the person.

(1B) Subsection (1A) does not apply on a day if the person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)) immediately before that day.

Increase of unused concession balance in specified circumstances

(1C) If:

(a) a person ceases to receive service pension or income support supplement; and

(b) the person retains an unused concession balance (the old balance ) under subsection (3) of less than $4,000; and

(c) neither this subsection nor subsection (1A) has previously applied in relation to the person within the most recent 2 year period that starts on or after 1 July 2024;

then, on the first day that is on or after 1 July 2024 and is a day on which section 46AA applies to the person again, the person's unused concession balance is increased by an amount equal to the difference between the old balance and $4,000.

(1D) Subsection (1C) does not apply if section 46AA applies to the person again following the person's service pension or income support supplement being suspended.