Document ID: chunk:federal_register_of_legislation:C2005C00734:clause:6_1073e:p1
Version: federal_register_of_legislation:C2005C00734
Segment Type: clause
Provision Reference: sch 6 cl 1073E (pt 1/3)
Character Range: 132022–134767

1073E  Opening balance

Basic opening balance rule

 (1) Subject to this section, each working credit participant has, on becoming a working credit participant, a working credit opening balance of nil.

Opening balance following cancellation of social security pension or benefit

 (2) If:
 (a) a person ceases to be a working credit participant or a person to whom the student income bank applies because of a determination to cancel, or an automatic cancellation of, the person's social security pension or social security benefit; and
 (b) the person had a working credit balance or a student income bank balance greater than nil immediately before the date of effect of the determination or cancellation; and
 (c) the person makes, or is taken to have made, a new claim for a social security pension or social security benefit; and
 (d) the Secretary determines that the new claim is to be granted with effect from a day within 12 months after the date of effect mentioned in paragraph (b); and
 (e) the person becomes a working credit participant on a day (the participation day), being either the day with effect from which the new claim is granted or a day following that day;
the working credit balance mentioned in paragraph (b), or the student income bank balance mentioned in that paragraph to the extent that it does not exceed $1,000, becomes the opening balance of the working credit applicable to the person on the participation day.

Opening balance following suspension of social security pension or benefit

 (3) If:
 (a) a person ceases to be a working credit participant because of a determination to suspend the person's social security pension or social security benefit; and
 (b) the person had a working credit balance greater than nil immediately before the date of effect of the determination; and
 (c) within 12 months after the date of effect of the determination, the payment of the person's pension or benefit is resumed; and
 (d) the person becomes a working credit participant on the day with effect from which the person's pension or benefit is resumed;
the working credit balance mentioned in paragraph (b) becomes the opening balance of the working credit applicable to the person on the day mentioned in paragraph (d).

Opening balance following suspension and subsequent cancellation of social security pension or benefit

 (4) If:
 (a) a person ceases to be a working credit participant or a person to whom the student income bank applies because of a determination to suspend the person's social security pension or social security benefit; and
 (b) while the person's pension or benefit is suspended there is a determination to cancel the person's pension or benefit; and
 (c) the person had a working