Document ID: chunk:federal_register_of_legislation:C2004A04993:body:0:p60
Version: federal_register_of_legislation:C2004A04993
Segment Type: other
Provision Reference: 
Character Range: 152165–155010

the application for the advance payment.

"Division 4—Amount of advance payment

Amount of advance payment—social security pensions

Application

"1061ED.(1) The amount of an advance payment of a social security pension is calculated according to this section.

Amount of advance

"(2) Subject to section 1061EH, the amount of the advance payment is the smallest of the following amounts:

SCHEDULE 12—continued

    (a) the amount of advance payment sought;

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

    (c) $500.

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

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

where:

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

Rounding

"(4) Amounts worked out under subsection (3) must be rounded to the nearest cent (rounding 0.5 cents upwards).

Example:

Facts:

Geoff has, at all times during the past 5 months, been receiving age pension. His annual payment rate is $4,680. He applies for an advance payment of $290.

Application:

The maximum amount of advance payment payable to Geoff is worked out under subsection (3) as follows: 6% × $4680 = $280.80. This is the smallest of the 3 amounts referred to in subsection (2). Geoff can therefore be paid an advance payment of $280.80.

Amount of advance payment—widow allowance and mature age allowance under Part 2.12B

Application

"1061EE.( 1) The amount of an advance payment of widow allowance, or of mature age allowance under Part 2.12B, is calculated according to this section.

Amount of advance

"(2) Subject to section 1061EH, the amount of the advance payment is the smallest of the following amounts:

SCHEDULE 12—continued

    (a) the amount of advance payment sought;

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

    (c) $500.

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

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

where:

fortnightly payment rate is the fortnightly rate of widow allowance or of mature age allowance under Part 2.12B (as the case requires) payable under Benefit Rate Calculator B to the person on the last payday before the application for the advance payment was made, excluding any amount payable by way of remote area allowance.

Rounding

"(4) Amounts worked out under subsection (3) must be rounded to the nearest