Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:53
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 53
Character Range: 59981–61855

53  Excluded amounts—pre‑2008 reform residents
 (1) This section applies in relation to a pre‑2008 reform resident (the person).
 (2) If the person is entitled to a pension worked out under Module A of the Pension Rate Calculator B at the end of section 1065 of the Social Security Act, or Module A of the Rate Calculator in Part 2 of Schedule 6 to the Veterans' Entitlements Act, and
the amount worked out in accordance with the following formula is an excluded amount:
 (3) If the person is entitled to a pension worked out under Module A of the Pension Rate Calculator B at the end of section 1065 of the Social Security Act, or Module A of the Rate Calculator in Part 2 of Schedule 6 to the Veterans' Entitlements Act, and
the amount worked out in accordance with the following formula is an excluded amount:
 (4) If neither subsection (2) nor subsection (3) applies to the person and:
the amount worked out in accordance with the following formula is an excluded amount:
 (5) If neither subsection (2) nor subsection (3) applies to the person and:
the amount worked out in accordance with the following formula is an excluded amount:
 (6) In this section:
BP (the maximum basic pension) means the amount worked out by applying point 1064‑B1 of Pension Rate Calculator A at the end of section 1064 of the Social Security Act.
I means total assessable income.
P (the maximum pension) means the sum of:
 (a) the amount worked out by applying point 1064‑B1 of Pension Rate Calculator A at the end of section 1064 of the Social Security Act; and
 (b) the amount worked out by applying point 1064‑BA4 of Pension Rate Calculator A at the end of section 1064 of the Social Security Act.
T (the social security income test free threshold) means the amount worked out by applying point 1064‑E4 of Pension Rate Calculator A at the end of section 1064 of the Social Security Act.