Document ID: chunk:federal_register_of_legislation:C2004A00948:clause:1_59t
Version: federal_register_of_legislation:C2004A00948
Segment Type: clause
Provision Reference: sch 1 cl 59T
Character Range: 5039–6662

59T  Effect of periodic compensation payments on rate of person's compensation affected pension

 (1) If:
 (a) a person receives periodic compensation payments; and
 (b) the person was not, at the time of the event that gave rise to the entitlement of the person to the compensation, receiving a compensation affected pension; and
 (c) the person is eligible for a compensation affected pension for a day or days in the periodic payments period;
the rate of the person's compensation affected pension for that day or those days is reduced in accordance with subsection (2).

Note: For periodic compensation payments, compensation affected pension and periodic payments period, see subsection 5NB(1).

 (2) The person's daily rate of compensation affected pension is reduced by the amount of the person's daily rate of periodic compensation.

 (3) The reference in subsection (2) to a daily rate of periodic compensation is a reference to the amount worked out by dividing the total amount of the periodic compensation payments referred to in paragraph (1)(a) by the number of days in the periodic payments period.

 (4) If:
 (a) a person receives periodic compensation payments; and
 (b) at the time of the event that gave rise to the entitlement of the person to compensation, the person was receiving a compensation affected pension; and
 (c) the person is eligible for a compensation affected pension for a day or days in the periodic payments period;
the periodic compensation payments are to be treated as ordinary income of the person for the purposes of this Act.

Note: For ordinary income, see subsection 5H(1).