Document ID: chunk:federal_register_of_legislation:C2004A04955:body:0:p13
Version: federal_register_of_legislation:C2004A04955
Segment Type: other
Provision Reference: 
Character Range: 31230–33946

Section 8 of the Principal Act is amended:

(a) by adding at the end of subsection (8):

         "(zl) if a person is a member of an approved exchange trading system—an amount credited to the person's account for the purposes of the scheme in respect of any goods or services provided by the person to another member.

         Note: For 'approved exchange trading system' see subsections (9) and (10). ";

(b) by adding at the end:

   "(9) An exchange trading system is an arrangement between a number of persons ('members') under which each member may obtain goods or services from another member for consideration that is wholly or partly in kind rather than in cash. Each member has, for the purposes of the arrangement, an account:

(a) to which is credited:

        (i) the amount representing the value of any goods or services provided by the member to another member; or

        (ii) if the goods or services were partly paid for in cash—the amount referred to in subparagraph (i) less the amount so paid in cash; and

(b) to which is debited:

        (i) the amount representing the value of any goods or services supplied to the member by another member; or

        (ii) if the goods or services were partly paid for in cash—the amount referred to in subparagraph (i) less the amount so paid in cash.

  "(10) An exchange trading system is an approved exchange trading system if the Secretary is satisfied that:

      (a) it is a local community-based system; and

      (b) its primary purpose is to help persons maintain their labour skills and keep them in touch with the labour market; and

      (c) it is not a system run by a person or organisation for profit.".

Division 16—Debt recovery

Debts arising under this Act and the 1947 Act

38. Section 1223 of the Principal Act is amended:

(a) by omitting subsections (5) and (6) and substituting:

   Amount calculated using incorrect maximum payment rate—no social security payment payable

   "(5) If:

      (a) an amount (the 'received amount') has been paid to a person by way of social security payment; and

      (b) the received amount was calculated by using a maximum payment rate that was not the maximum payment rate (the 'correct maximum payment rate') that should have been used in working out the rate of the person's social security payment; and

      (c) the received amount should not have been paid because the rate of the person's social security payment under this Act (that is, the rate worked out by using the correct maximum payment rate) was nil;

the received amount is a debt due to the Commonwealth.

      "Note: A person's maximum payment rate (except for family payment) is worked out by following the steps