Document ID: chunk:federal_register_of_legislation:C2005A00009:clause:1_3
Version: federal_register_of_legislation:C2005A00009
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 4427–5640

3  Subsections 12‑5(2A) and (3)
Repeal the subsections, substitute:

 (2A) If the financial year is a later financial year, and no person was so registered or eligible to apply for registration, the amount of the reduction is the sum of the following amounts:
 (a) 30% of the amount of the premium payable under the policy in respect of days in the later financial year on which no person covered by the policy was aged 65 years or over;
 (b) 35% of the amount of the premium payable under the policy in respect of days in the later financial year on which:
 (i) at least one person covered by the policy was aged 65 years or over; and
 (ii) no person covered by the policy was aged 70 years or over;
 (c) 40% of the amount of the premium payable under the policy in respect of days in the later financial year on which at least one person covered by the policy was aged 70 years or over.

 (3) If the financial year is a later financial year and a person was so registered or eligible to apply for registration, the amount of the reduction is the greater of:
 (a) the sum of the amounts referred to in paragraphs (2A)(a), (b) and (c); and
 (b) the *incentive amount for the policy for the later financial year.