Document ID: chunk:federal_register_of_legislation:C2023A00106:clause:1_1
Version: federal_register_of_legislation:C2023A00106
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 2689–4403

1  Subsection 1073AB(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 1073AA 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 the social security pension referred to in paragraph 1073AA(1)(a); 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 1073AA 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 1073AA applies to the person again immediately following:
 (a) the person's pension being suspended; or
 (b) the person being taken to be receiving the pension under subsection 23(4A).