Document ID: chunk:federal_register_of_legislation:C2010C00246:clause:1_1206gc
Version: federal_register_of_legislation:C2010C00246
Segment Type: clause
Provision Reference: sch 1 cl 1206GC
Character Range: 32141–33528

1206GC  1 July 2000 increase in income and assets test free areas

 (1) This section applies to an amount (the base amount) that is provided for in:
 (a) a provision listed in column 2 of Table A (see subsection (4)); or
 (b) a provision listed in column 2 of Table B (see subsection (5)).

Note: Amounts provided for in provisions listed in Tables A and B are amounts as altered from time to time under Division 2 of this Part (CPI indexation).

 (2) This Act has effect as if, on 1 July 2000, the base amount were replaced by an amount (the replacement amount) worked out by:
 (a) calculating the amount (the provisional replacement amount) that is 2.5% greater than the base amount; and
 (b) rounding off the provisional replacement amount in accordance with section 1206GD, using the rounding base for the base amount (see column 4 of the relevant table).

 (3) For the purposes of subsection (1), the base amount is to include any indexation that occurs on 1 July 2000 under Division 2 of this Part.

 (4) The income test free area table is:

Table A: Income test free areas
Column 1                         Column 2                                           Column 3                                          Column 4
Item                             Provision providing for base amount                Description of amount                             Rounding base for base amount