Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1073aa:p3
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1073AA (pt 3/3)
Character Range: 2062897–2065287

see subsection (4BA).

Definitions
 (4BA) For the purposes of this section, a person's work bonus income for an instalment period is the sum of the following:
 (a) the person's employment income taken, in accordance with Division 1AA, to have been received for that period;
 (b) the sum of the person's gainful work income for each day in that period.
Note: For employment income, see section 8.
 (4BB) For the purposes of this section, a person's gainful work income for a day in an instalment period is the amount worked out using the following formula:
where:
annual amount means the annual amount of ordinary income of the person that is earned, derived or received by the person from gainful work (within the meaning of section 1073AAA) undertaken by the person, being the annual amount as last determined by the Secretary.
 (4BC) The amount at paragraph (4BA)(b) is to be rounded to the nearest cent (rounding 0.5 cents downwards).
 (4C) The income concession amount is:
 (a) for an instalment period of 14 days—$300; and
 (b) for an instalment period of less than 14 days—the amount worked out using the following formula:

Interpretation
 (5A) If a person has gainful work income for an instalment period, the rate of the person's gainful work income on a yearly basis for each day in that period may be worked out using the following formula:
Note: This subsection will be relevant to working out the person's rate of social security pension in accordance with Pension Rate Calculator A at the end of section 1064 or Pension Rate Calculator C at the end of section 1066.
 (5B) An amount worked out under subsection (5A) is to be rounded to the nearest cent (rounding 0.5 cents downwards).
 (6) If the person is a member of a couple, apply this section in relation to the person, and to the person's partner, before applying point 1064‑E2.
 (7) In working out a person's employment income for the purposes of this section, disregard subsection 8(1B).
 (8) If:
 (a) the person is a member of a couple; and
 (b) the person's partner's work bonus income (within the meaning of section 46AA of the Veterans' Entitlements Act 1986) is reduced by one or more amounts (each of which is a reduction amount) under section 46AA of that Act;
then, in applying point 1064‑E2, the ordinary income of the person's partner is to be reduced by an amount equal to the total of the reduction amounts.