Document ID: chunk:federal_register_of_legislation:C2004A04954:body:0:p24
Version: federal_register_of_legislation:C2004A04954
Segment Type: other
Provision Reference: 
Character Range: 63354–66228

for a housing loan; and

(b) 11.75% for any other loan.

"(2A) The notional rate of interest for any subsequent fringe benefits year is the market rate of interest for 1 April in that year.

"(2B) For the purposes of subpoint (2A):

'market rate of interest', for a particular day, means:

(a) for a housing loan—the lowest variable rate of interest for a housing loan; or

(b) for any other loan—the lowest variable rate of interest for any other loan;

that is available on that day from a bank which is one of 4 banks specified by the Minister by determination under subsection 1157Q(4A).".

2. Subsection 1157Q(1) (Method statement—Step 1):

Add at the end:

"Note: For 'housing loan' see subsection 10A(9).".

3. Subsection 1157Q(1) (Method statement—Step 2):

Omit "subsection (2) or (3)", substitute "subsection (2), (3) or (4)".

4. Subsection 1157Q(3):

Omit "tax year ending 30 June 1994", substitute "tax years ending 30 June 1994 and 30 June 1995".

5. Subsection 1157Q(4):

Omit the subsection, substitute:

"(4) The notional rate of interest for any subsequent tax year is the market rate of interest for 1 April in the preceding tax year.

"(4A) For the purposes of subsection (4):

'market rate of interest', for a particular day, means:

(a) for a housing loan—the lowest variable rate of interest for a housing loan; or

SCHEDULE 15—continued

(b) for any other loan—the lowest variable rate of interest for any other loan;

that is available on that day from a bank which is one of 4 banks specified in a written determination made by the Minister.

"(4B) A determination under subsection (4A) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.".

____________

SCHEDULE 16 Section 4

AMENDMENTS RELATING TO COMPENSATION RECOVERY AND RELATED MATTERS

PART 1—AMENDMENTS OF THE SOCIAL SECURITY ACT 1991 COMMENCING ON ROYAL ASSENT

1. Section 3 (Index):

Insert in their respective appropriate alphabetical positions (determined on a letter-by-letter basis):

"former payment type 17(1)

invalid wife pension 17(1)

special needs disability support wife pension 17(1)

special needs invalid wife pension 17(1)".

2. Subsection 17(1) (paragraph (d) of the definition of "compensation affected payment"):

Omit the paragraph.

3. Subsection 17(1) (definition of "compensation affected payment"):

Add at the end:

"or (k) a former payment type;".

4. Subsection 17(1) (definition of "disability support wife pension"):

Omit "is receiving", substitute "receives".

5. Subsection 17(1):

Insert the following definitions:

" 'former payment type' means:

(a) an invalid pension under the 1947 Act; or

(b) an invalid pension under this Act as previously in force; or

(c) a sheltered employment allowance under the 1947 Act; or

(d) a sheltered employment allowance under this Act as previously in force; or

(e)