Document ID: chunk:federal_register_of_legislation:C2009A00081:clause:5_198y
Version: federal_register_of_legislation:C2009A00081
Segment Type: clause
Provision Reference: sch 5 cl 198Y
Character Range: 128072–129997

198Y  Increase of 1% on 1 July 2011
 (1) This Act has effect as if, on 1 July 2011, the PS rate (within the meaning of section 59A) 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 a multiple of $1.30).
 (2) This Act has effect as if, on 1 July 2011, the PS minimum rate (within the meaning of section 59A) 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 a multiple of $1.30).
 (3) In this section:
CPRS amount, for a person, means the sum of the following amounts:
 (a) 1% of the person's maximum basic rate worked out under point SCH6‑B1 of Schedule 6;
 (b) 1% of the person's pension supplement basic amount.
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 198Z(2), and the change to the indexation factor, and living cost indexation factor, on or after 20 March 2012 under section 198Z, take account of this brought forward increase.