Document ID: chunk:federal_register_of_legislation:C2022A00062:clause:1_9
Version: federal_register_of_legislation:C2022A00062
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 5342–6777

9  Subsection 46D(3) (example)
Repeal the example, substitute:
Example: How deemed income of a person who is not a member of a couple is worked out per year for the person's financial assets other than financial assets described in subsection (3A) (using rates and deeming thresholds in force on 1 July 2022).
 Elaine, a single pensioner, has $164,000 worth of financial assets, made up of $150,000 in proceeds from the sale of Elaine's principal home and $14,000 of other financial assets. Elaine intends to apply $100,000 of the proceeds of sale to purchase another residence that is to be Elaine's principal home. The below threshold rate is 0.25%. The above threshold rate is 2.25%.
 The total value of Elaine's financial assets ($64,000), disregarding part of the proceeds of sale ($100,000—see subsection (3A)), is higher than Elaine's deeming threshold ($56,400—see subsection 46H(1)). So, the deeming threshold is multiplied by the below threshold rate (0.25%):

 Elaine's deeming threshold of $56,400 is subtracted from the total value of Elaine's financial assets ($64,000), disregarding part of the proceeds of sale ($100,000—see subsection (3A)). The remainder is $7,600.
 The amount of $7,600 is multiplied by the above threshold rate (2.25%):

 The ordinary income that Elaine is taken to receive on Elaine's financial assets, other than financial assets described in subsection (3A), is $312 per year ($141 plus $171).