Document ID: chunk:federal_register_of_legislation:C2004A04996:front:0:p58
Version: federal_register_of_legislation:C2004A04996
Segment Type: other
Provision Reference: 
Character Range: 148863–151577

payment is to be paid as a lump sum.

"(3) The Commission may determine that an advance payment is to be paid on a day stated in the determination.

"(4) An advance payment of a pension is not payable if the pension is cancelled or reduced to nil before the day on which the advance payment would be paid apart from this subsection.

"Division 5—Amount of advance payment

Amount of advance payment

Application

"67C.(1) The maximum amount of an advance payment of a pension is calculated under this section.

Amount of advance

"(2) The amount of the advance payment is the smallest of the following amounts:

    (a) the maximum amount of advance payment payable to the person as worked out under subsection (3);

  (b) $500;

  (c) the amount of advance payment sought.

SCHEDULE 7—continued

Formula for maximum amount of advance under paragraph (2)(a)

"(3) For the purposes of paragraph (2)(a), the maximum amount of advance payment payable to the person is the amount worked out using the following formula:

6% × annual payment rate

where:

annual payment rate is the rate of pension payable under the relevant Pension Rate Calculator to the person on the last pension payday before the application for the advance payment was determined, excluding any amount payable by way of remote area allowance.

Rounding

"(4) Amounts worked out under subsection (3) must be rounded to the nearest 10 cents (rounding 5 cents upwards).

"Division 6—Advance payment deductions

Advance payment deduction

"67D.(1) Subject to subsection (2) and section 67G, an advance payment deduction is to be made from the rate of a pension that is payable to a person if:

    (a) the person has received an advance payment of that pension or of another pension that was previously payable to the person; and

    (b) the person has not yet repaid the whole of the advance payment; and

    (c) the amount of the advance payment that has not been repaid is not a debt under subsection 205(1AB).

"(2) An advance payment deduction is not to be made from a person's rate of pension on the payday on which the advance payment is paid.

Amount of advance payment deduction—basic calculation

"67E. Subject to sections 67F, 67G, 67H and 67J, the advance payment deduction for an advance payment of a pension is the amount of the advance payment divided by 13.

Person may request larger advance payment deduction

"67F.(1) Subject to subsection (2) and sections 67G, 67H and 67J, a person's advance payment deduction may be increased to a larger amount if the person asks the Commission in writing for the advance payment deduction to be the larger amount.

SCHEDULE 7—continued

"(2) Subsection (1) does not apply if the Commission