Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p10
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 10/21)
Character Range: 64563–67130

include deposit money or money to which section 50b applies;

'deposit money', in relation to a person, means the person's money that is deposited in an account with a financial institution;

'financial institution' means a bank, building society, credit union or other institution that receives money on deposit;

'income money', in relation to a person at any time, means so much of:

   (a) the person's deposit money; or

   (b) the person's available money;

at that time as exceeds $2,000.

"(2) For the purposes of this section, a person's deposit money on which interest is paid is not to be treated as income money of the person at a particular time unless such of:

     (a) the person's deposit money on which a lower, or no interest, is paid; and

   (b) the person's available money;

as does not exceed $2,000 has not been so treated at that time.

"(3) For the purposes of this Act, where interest is not paid on income money of a person, the person is taken to receive interest on that money at the rate per year of the assumed rate.

"(4) Subject to subsection (5), for the purposes of this Act, where the rate of interest paid on income money of a person is less than the assumed rate, the person is taken to be paid interest on that money at the rate per year of the assumed rate.

"(5) The Minister may, by written notice, determine that this section does not apply to specified income money of a person or class of persons.

"(6) For the purposes of this section, where interest paid on deposit money is not received, or accounted for, at least as frequently as each anniversary of the making of the deposit, interest on the money is taken to be received by the depositor on each such anniversary.

"(7) Where this section applies, Division 1a of Part III does not apply.".

  (2) Where a person:

     (a) was not a prescribed person within the meaning of section 82 of the Principal Act on 28 February 1991; and

     (b) would have been a prescribed person on that day if the amendments made by subsection (1) had been in force on that day;

then, for the purposes of this Act and other laws of the Commonwealth, the person does not become a prescribed person unless and until he or she would have become so if the amendments had not been made.

  Commencement: 1 March 1991

Rent assistance

55. Section 55 of the Principal Act is amended by omitting from paragraph (1) (a) "$1,040" and substituting "$1,300".

  Commencement: 20 March 1991

Remote area allowance

  56. Section 57 of the Principal Act is amended:

     (a) by adding "and"