Document ID: chunk:federal_register_of_legislation:C2004A04148:body:0:p22
Version: federal_register_of_legislation:C2004A04148
Segment Type: other
Provision Reference: 
Character Range: 65400–68354

an individual earnings credit account, this is how to work out the balance of the account:".

Section 49b (Earnings Credit Account Balance Calculator—points 49b-A2, 49b-A3 and 49b-A4):

  Omit the points, substitute:

Individual account balance not to exceed $1,000

"49b-A2. The balance of an individual account is not to exceed $1,000.

Joint account balance calculation

"49b-A3. If the person has a joint earnings credit account with the person's partner, this is how to work out the balance of the account:

SCHEDULE 2—continued

                   Method statement
Step 1.  Work out the opening balance of the account using MODULE B below.
Step 2.  If the person or the person's partner has an earnings credit, add the amount of the earnings credit to the account: see MODULE C below.
Step 3.  If the person or the person's partner draws on the account, deduct from the account the amount drawn: see MODULE D below.

Joint account balance not to exceed $2,000

  "49b-A4. The balance of a joint account is not to exceed $2,000.

Balance not to be in debit

"49b-A5. The balance of an earnings credit account is not to fall below nil.

EC accounting periods

  "49b-A6. The earnings credit accounting periods are:

    (a)     the fortnight that starts on the first pension payday on or after 1 July 1991; and

  (b)     the succeeding fortnights.".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-B1):

  Omit "is nil.", substitute:

"is:

  (c)     if the person has an individual earnings credit account—nil; or

    (d)     if the person has a joint earnings credit account with the person's partner and this point also applies to the partner—nil; or

    (e)     if the person has a joint earnings credit account with the person's partner and this point does not apply to the partner— the balance of the partner's individual earnings credit account immediately before the person commenced to receive the pension.".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-B2):

Omit "is the amount of the person's earnings credit immediately before 1 July 1991 under section 49b.", substitute:

"is:

SCHEDULE 2—continued

    (a)     if the person has an individual earnings credit account—the amount of the person's earnings credit immediately before 1 July 1991 under section 49b; or

    (b)    if the person has a joint earnings credit account with the person's partner—the sum of:

         (i) the amount of the person's earnings credit immediately before 1 July 1991 under section 49b; and

         (ii) the amount of the partner's earnings credit immediately before 1 July 1991 under section 49b or section 12a of the Social Security Act 1947.".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-C1):

  Omit "The person", substitute "A person".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-D1):

  Omit "The person", substitute "A person".

Paragraphs 52 (1) (a)