Document ID: chunk:federal_register_of_legislation:C2024C00866:section:46aa:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 46AA (pt 1/3)
Character Range: 655201–657853

46AA  Income concession
 (1) This section applies to a person if:
 (a) the person's rate of service pension or income support supplement is calculated in accordance with the Rate Calculator; and
 (b) the person has reached qualifying age.
Note: For qualifying age see section 5Q.

Work bonus income greater than or equal to income concession amount
 (2) If the person's work bonus income for a pension 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 work bonus income for that period is reduced by an amount equal to the income concession amount.
Note: For work bonus income, see subsection (4BA).
Example 1: David has $2,300 of work bonus income in a pension period. David's rate of service pension or income support supplement for that period is greater than nil.
 David's work bonus income for that period is reduced by $300, leaving David $2,000 of work bonus income for that period.
Example 2: Amy has $1,000 of work bonus income in a pension period. Amy's rate of service pension or income support supplement for that period is greater than nil.
 Amy's work bonus income for that period is reduced by $300, leaving Amy $700 of work bonus income for that period.
 (3) If the person's unused concession balance (see section 46AC) is greater than or equal to the amount (the current amount) of the person's work bonus income that remains after applying subsection (2) of this section in relation to a pension period:
 (a) for the purposes of Module E of that Rate Calculator, the person's work bonus income for that period is further reduced to nil; and
 (b) if the person's rate of service pension or income support supplement 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 work bonus 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 $700.
 Amy's work bonus income for that period is further reduced to nil.
 Amy's unused concession balance is now $900.
 (4) If the person's unused concession balance (see section 46AC) is greater than nil but less than the amount of the person's work bonus income that remains after applying subsection (2) of this section in relation to a pension period:
 (a) for the purposes of Module E of that