Document ID: chunk:federal_register_of_legislation:C2013C00585:clause:1_46ac
Version: federal_register_of_legislation:C2013C00585
Segment Type: clause
Provision Reference: sch 1 cl 46AC
Character Range: 22469–23509

46AC  Unused concession balance

Initial unused concession balance of nil
 (1) A person has an unused concession balance of nil on the first day that is after 30 June 2011 and is a day on which section 46AA applies to the person.

Maximum unused concession balance
 (2) If, apart from this subsection, the person's unused concession balance would exceed $6,500, that balance is instead taken to be $6,500.
Example: John has an unused concession balance of $6,400. John earns $50 of employment income in a pension period.
Instead of John's unused concession balance increasing to $6,600 under subsection 46AA(4A), John's unused concession balance increases to $6,500.

Effect of ceasing to receive service pension or income support supplement
 (3) If the person ceases to receive service pension or income support supplement, the person retains the person's unused concession balance immediately before that cessation.
Note: If section 46AA applies to the person again, the person's unused concession balance will be that retained balance.