Document ID: chunk:federal_register_of_legislation:C2009A00060:clause:5_1206go
Version: federal_register_of_legislation:C2009A00060
Segment Type: clause
Provision Reference: sch 5 cl 1206GO
Character Range: 100250–102389

1206GO  Increase of 1% on 1 July 2011
 (1) This Act has effect as if, on 1 July 2011, the PS rate 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 not a multiple of $2.60 but is a multiple of $1.30).
 (2) This Act has effect as if, on 1 July 2011, the PS minimum rate 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 not a multiple of $2.60 but is a multiple of $1.30).
 (3) In this section:
CPRS amount, for a person, means:
 (a) if the person is receiving a social security pension worked out under Pension Rate Calculator A—the sum of the following amounts:
 (i) 1% of the person's maximum basic rate;
 (ii) 1% of the person's pension supplement basic amount; and
 (b) otherwise—the result of paragraph (a) worked out as if the person were receiving a social security pension worked out under Pension Rate Calculator A.
Note:  The 1% increase includes the Carbon Pollution Reduction Scheme's estimated cost of living increase of 0.4% for the 2011‑2012 financial year, which has been brought forward. Subsection 1206GP(2), and the change to the indexation factor, and living cost indexation factor, on or after 20 March 2012 under section 1206GP, take account of this brought forward increase.