Document ID: chunk:federal_register_of_legislation:C2013C00585:clause:1_1:p1
Version: federal_register_of_legislation:C2013C00585
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/2)
Character Range: 10295–13050

1  Subsections 1073AA(2) to (4)
Repeal the subsections, substitute:

Employment income greater than or equal to income concession amount
 (2) If the person's employment income for an instalment period is greater than or equal to the income concession amount for that period, then, for the purposes of Module E of that Rate Calculator, the amount of the person's employment income for that period is reduced by an amount equal to the income concession amount.
Example 1: David earns $2,250 of employment income in an instalment period of 14 days. David's rate of social security pension for that period is greater than nil.
 David's employment income for that period is reduced by $250, leaving David $2,000 of employment income for that period.
Example 2: Amy earns $1,000 of employment income in an instalment period of 14 days. Amy's rate of social security pension for that period is greater than nil.
 Amy's employment income for that period is reduced by $250, leaving Amy $750 of employment income for that period.
 (3) If the person's unused concession balance (see section 1073AB) is greater than or equal to the amount (the current amount) of the person's employment income that remains after applying subsection (2) of this section in relation to an instalment period:
 (a) for the purposes of Module E of that Rate Calculator, the person's employment income for that period is further reduced to nil; and
 (b) if the person's rate of social security pension for that period is greater than nil—the person's unused concession balance is reduced by an amount equal to the current amount.
Example 1: To continue example 1 in subsection (2), assume David's unused concession balance is $2,000. The current amount is $2,000.
 David's employment income for that period is further reduced to nil.
 David's unused concession balance is now nil.
Example 2: To continue example 2 in subsection (2), assume Amy's unused concession balance is $1,600. The current amount is $750.
 Amy's employment income for that period is further reduced to nil.
 Amy's unused concession balance is now $850.
 (4) If the person's unused concession balance (see section 1073AB) is greater than nil but less than the amount of the person's employment income that remains after applying subsection (2) of this section in relation to an instalment period:
 (a) for the purposes of Module E of that Rate Calculator, the person's employment income for that period is further reduced by an amount equal to that unused concession balance; and
 (b) if the person's rate of social security pension for that period is greater than nil—the person's unused concession balance is reduced to nil.
Example: Bill earns $1,250 of employment income in an instalment period of 14 days. Bill's