Document ID: chunk:federal_register_of_legislation:C2004A04148:body:0:p54
Version: federal_register_of_legislation:C2004A04148
Segment Type: other
Provision Reference: 
Character Range: 158405–161656

rate of fringe benefits income increases from a rate below or equal to the person's fringe benefits income free area to a rate not more than 25% above that free area, the person is to be taken to satisfy the fringe benefits income test until:

     (a)     the end of the period of 13 weeks starting on the first pension payday after that day; or

     (b)     the person's annual rate of fringe benefits income exceeds 125% of that free area;

whichever happens first.

Fringe benefits income free area

"53b-12. A person's fringe benefits income free area is worked out using Table B-2. Work out which family situation in the Table applies to the person. The fringe benefits income free area is the corresponding amount in column 3 plus an additional corresponding amount in column 4 for each dependent child of the person.

SCHEDULE 5—continued

 TABLE B-2
 FRINGE BENEFITS INCOME FREE AREA
 column 1                           column 2                    column 3            column 4
 item                               person's family situation   basic free area     additional free area
 1.                                not member of a couple      $5,356            $1,040
 2.                                member of a couple          $4,576            $520

Note: the basic free area is indexed in line with CPI increases (see sections 59b to 59e). .

Section 53c (Fringe Benefits Assets Test Calculator— point 53c-2—Table):

    Omit the Table, substitute:

"  TABLE
   FRINGE BENEFITS ASSETS VALUE LIMIT
     column 1                               column 2                                   column 3
   item                                     person's family situation                  assets value limit
   column 3a                                column 3b
   either person or partner property owner  neither person nor partner property owner
   1.                                       Not member of a couple                     $126,250            $205,750
   2.                                       Member of a couple                         $90,250             $130,000

 Note 1: for 'property owner' see subsection 5l (4).

     Note 2: the column 3a amounts are indexed in line with CPI increases (see sections 59b to 59e).

 Note 3: the column 3b amounts are adjusted annually (see section 59k).".

Subsection 53d (1) (Note 1):

    Omit "service pensioner", substitute "veteran".

Section 56K:

    Repeal the section, substitute:

Pension may be cancelled or suspended if instalments not drawn

 "56k. If a service pensioner has not drawn instalments of his or her age service pension, invalidity service pension or wife service pension for a continuous period of 6 months, the Commission may cancel or suspend the pension.

     Note 1: an example of a situation where this section is intended to apply is where a person has closed his or her bank account and cannot be contacted to make new banking or other

SCHEDULE 5—continued

    arrangements for payment of the person's service pension. It is not intended to apply where a pensioner is accumulating pension instalments in a bank account.
    Note 2: if the Commission cancels or suspends a veteran's age service pension or invalidity service pension and the veteran's