Document ID: chunk:federal_register_of_legislation:C2009A00081:clause:5_198zb
Version: federal_register_of_legislation:C2009A00081
Segment Type: clause
Provision Reference: sch 5 cl 198ZB
Character Range: 135477–137420

198ZB  Increase of 1.8% on 1 July 2012
 (1) This Act has effect as if, on 1 July 2012, the PS rate (within the meaning of section 59A) used to work out the person's pension supplement amount on and after that day were replaced by the PS rate needed for the person's pension supplement amount to be equal to the amount worked out by:
 (a) adding the person's CPRS amount to what, apart from this section, would be the person's pension supplement amount on that day; and
 (b) if the amount resulting from paragraph (a) is not a multiple of $2.60, rounding the amount up or down to the nearest multiple of $2.60 (rounding up if the amount is a multiple of $1.30).
 (2) This Act has effect as if, on 1 July 2012, the PS minimum rate (within the meaning of section 59A) used to work out the person's minimum pension supplement amount on and after that day were replaced by the PS minimum rate needed for the person's minimum pension supplement amount to be equal to the amount worked out by:
 (a) adding the person's CPRS amount to what, apart from this section, would be the person's minimum pension supplement amount on that day; and
 (b) if the amount resulting from paragraph (a) is not a multiple of $2.60, rounding the amount up or down to the nearest multiple of $2.60 (rounding up if the amount is a multiple of $1.30).
 (3) In this section:
CPRS amount, for a person, means the sum of the following amounts:
 (a) 1.8% of the person's maximum basic rate worked out under point SCH6‑B1 of Schedule 6;
 (b) 1.8% of the person's pension supplement basic amount.
Note: The 1.8% increase includes the Carbon Pollution Reduction Scheme's estimated cost of living increase of 0.8% for the 2012‑2013 financial year, which has also been brought forward. Subsection 198ZC(2), and the changes to the indexation factor and living cost indexation factor on or after 20 March 2013 under section 198ZC, take account of this 2nd brought forward increase.