Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1073aa:p1
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1073AA (pt 1/3)
Character Range: 2058034–2060679

1073AA  Work bonus
 (1) This section applies to a person if:
 (a) the person's rate of social security pension is calculated in accordance with Pension Rate Calculator A at the end of section 1064; and
 (b) the person has reached pension age.
Note: For pension age see subsections 23(5A), (5B), (5C) and (5D).

Work bonus income greater than or equal to income concession amount
 (2) If the person's work bonus income for an instalment period is greater than or equal to the income concession amount for that period, then, for the purposes of Module E of that Rate Calculator, the amount of the person's work bonus income for that period is reduced by an amount equal to the income concession amount.
Note: For work bonus income, see subsection (4BA).
Example 1: David has $2,300 of work bonus income in an instalment period of 14 days. David's rate of social security pension for that period is greater than nil.
 David's work bonus income for that period is reduced by $300, leaving David $2,000 of work bonus income for that period.
Example 2: Amy has $1,000 of work bonus income in an instalment period of 14 days. Amy's rate of social security pension for that period is greater than nil.
 Amy's work bonus income for that period is reduced by $300, leaving Amy $700 of work bonus income for that period.
 (3) If the person's unused concession balance (see section 1073AB) is greater than or equal to the amount (the current amount) of the person's work bonus income that remains after applying subsection (2) of this section in relation to an instalment period:
 (a) for the purposes of Module E of that Rate Calculator, the person's work bonus income for that period is further reduced to nil; and
 (b) if the person's rate of social security pension for that period is greater than nil—the person's unused concession balance is reduced by an amount equal to the current amount.
Example 1: To continue example 1 in subsection (2), assume David's unused concession balance is $2,000. The current amount is $2,000.
 David's work bonus income for that period is further reduced to nil.
 David's unused concession balance is now nil.
Example 2: To continue example 2 in subsection (2), assume Amy's unused concession balance is $1,600. The current amount is $700.
 Amy's work bonus income for that period is further reduced to nil.
 Amy's unused concession balance is now $900.
 (4) If the person's unused concession balance (see section 1073AB) is greater than nil but less than the amount of the person's work bonus income that remains after applying subsection (2) of this section in relation to an instalment period:
 (a) for the purposes