Document ID: chunk:federal_register_of_legislation:C2022A00055:clause:3_1073ac
Version: federal_register_of_legislation:C2022A00055
Segment Type: clause
Provision Reference: sch 3 cl 1073AC
Character Range: 48546–50717

1073AC  Temporary increase to unused concession balances

Temporary increase period
 (1) This section applies in relation to an instalment period that includes a day during the temporary increase period.
 (2) For the purposes of this section, the temporary increase period is the period beginning on the day this section commences and ending on 31 December 2023.

Increase of $4,000 to existing unused concession balance
 (3) If, immediately before the start of the temporary increase period, a person has an unused concession balance (including a balance of nil or a retained balance under subsection 1073AB(3)), the person's unused concession balance is increased by $4,000 on the first day of the temporary increase period.

Initial unused concession balance of $4,000
 (4) If, during the temporary increase period, a person would have an unused concession balance of nil on a day because of the operation of subsection 1073AB(1) then, despite that subsection, the person has an unused concession balance on that day of $4,000.
 (5) Subsection (4) cannot apply in relation to a person more than once, or if subsection (3) has already applied in relation to the person.

Increase to maximum unused concession balance
 (6) For the purposes of applying subsection 1073AB(2) in relation to an instalment period that includes a day during the temporary increase period, the subsection applies as if the reference to $7,800 were a reference to $11,800.
Note: During the temporary increase period, disregard the example at the end of subsection 1073AB(2).

Unused concession balance after temporary increase period ends
 (7) If, at the end of a person's instalment period that includes the last day of the temporary increase period, the person has an unused concession balance of more than $7,800, the balance is taken to be $7,800 immediately after the end of that instalment period.
 (8) If, at the end of the temporary increase period, a person has an unused concession balance retained under subsection 1073AB(3) of more than $7,800, the retained balance is taken to be $7,800 immediately after the end of the temporary increase period.

Veterans' Entitlements Act 1986