Document ID: chunk:federal_register_of_legislation:C2024C00866:section:46aa:p3
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 46AA (pt 3/3)
Character Range: 660087–661662

For work bonus income, see subsection (4BA).

Definitions
 (4BA) For the purposes of this section, a person's work bonus income for a pension period is the sum of the following:
 (a) the person's employment income received in that period;
 (b) the person's gainful work income for that period.
Note: For employment income, see section 46AB.
 (4BB) For the purposes of this section, a person's gainful work income for a pension 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 46ABA) undertaken by the person, being the annual amount as last determined by the Commission.
 (4C) The income concession amount for a pension period is $300.

Interpretation
 (5) 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 SCH6‑E3 of Schedule 6.
 (5A) 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 1073AA of the Social Security Act 1991) is reduced by one or more amounts (each of which is a reduction amount) under section 1073AA of that Act;
then, in applying point SCH6‑E3 of Schedule 6, the ordinary/adjusted income of the person's partner is to be reduced by an amount equal to the total of the reduction amounts.
 (6) This section is subject to section 46AD (about no double income reductions under this section and section 115G).