Document ID: chunk:federal_register_of_legislation:C2004A04616:section:2:p13
Version: federal_register_of_legislation:C2004A04616
Segment Type: section
Provision Reference: s 2 (pt 13/32)
Character Range: 71268–73920

(see section 1157B).
Note 3: For 'Australia' see subsection 23(1).

"(3) The allowable rent is the amount of rent that the Secretary is satisfied is payable for the unit of accommodation in the appropriate tax year by:

  (a) if the person is not a member of a couple—the person; or

  (b) if the person is a member of a couple—the person and the person's partner.

  "(4) If:

  (a) the person is a member of a couple; and

     (b) the person's partner receives a housing fringe benefit in the appropriate tax year; and

     (c) the person's and the partner's housing fringe benefits relate to the same unit of accommodation;

the weekly market rent obtained in Step 2 of the Method statement and the allowable rent obtained in Step 5 of the Method statement are both to be halved.

Minister may determine alternative method of valuing housing fringe benefits

"1157U.(1) The Minister may determine an alternative method for valuing housing fringe benefits.

"(2) A determination under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

  "(3)  A determination in subsection (1):

     (a) starts to have effect on the day on which it is notified in the Gazette; and

     (b) ceases to have effect at the end of 6 months after the day on which it is notified in the Gazette if it has not been revoked before then.

"Division 8—Foreign currency rates

Foreign currency rates to be used for the purposes of this Part

  "1157V.(1) If:

     (a) it is necessary, for the purposes of this Part, to work out an amount or value of a fringe benefit; and

  (b) the amount or value of the benefit is expressed in a foreign currency;

the amount or value in Australian currency is to be worked out using the market exchange rate for 1 July in the appropriate tax year.

"(2) If there is no market exchange rate for 1 July in the appropriate tax year (for example, because of a national public holiday), the market exchange rate to be used is the market exchange rate that applied on the last working day immediately before that 1 July.

"(3) For the purposes of this section, the market exchange rate of a foreign currency is the on-demand airmail buying rate for that currency available at the Commonwealth Bank of Australia.".

Consequential amendments of the Principal Act

  8. The Principal Act is amended as set out in the Schedule.

PART 3—SENIORS HEALTH CARD

Insertion of new section 6A

  9. After section 6 of the Principal Act the following section is inserted:

Seniors health card definitions

  "6A.(1) In this Act, unless the contrary intention appears:

'holder of a seniors