Document ID: chunk:federal_register_of_legislation:C2004A04616:front:0:p15
Version: federal_register_of_legislation:C2004A04616
Segment Type: other
Provision Reference: 
Character Range: 36442–38799

excess is the person's adjusted income less the person's income free area.

      Step 11. Convert the annual income excess into a fortnightly excess using point 1069-H33.

      Step 12. Work out the amount of the person's reduction for income using point 1069-H34.

   Note: It is only assessable fringe benefits that are used to work out the person's fringe benefits value. An assessable fringe benefit is a fringe benefit that is a car benefit, school fees benefit, health insurance benefit, loan benefit or housing benefit. However, if one of these kinds of benefits is an exempt benefit, it is not an assessable fringe benefit. For 'assessable fringe benefit' see section 10A.

Fringe benefits value free area

"1069-H28. A person's fringe benefits value free area is $1,000.00.

Adjusted fringe benefits value

"1069-H29. If the person's fringe benefits value exceeds the fringe benefits value free area, the person's adjusted fringe benefits value is the person's fringe benefits value less the free area.

"1069-H30. If the person's fringe benefits value does not exceed the fringe benefits value free area, the person's adjusted fringe benefits value is nil.

Income free area

"1069-H31. A person's income free area is worked out using Table HA. A person's income free area is the AFP basic free area amount in column 1 plus an additional amount in column 2 for each AFP child of the person (after the first).

TABLE HA
ADDITIONAL FAMILY PAYMENT—INCOME FREE AREA
    column 1                                column 2
 AFP basic free area                        additional amount for each AFP child (after the first)
   $21,350.00                               $624.00

             Note: The AFP basic free area is indexed in line with CPI increases (see sections 1191 to 1194).

      AFP child in point 1069-H31 includes children receiving prescribed educational scheme payments and "shared" children

      "1069-H32. In point 1069-H31, 'AFP child' includes:

      (a) a student child who:

          (i) has reached 16 but has not reached 18; and

            (ii) is receiving payments under a prescribed educational scheme; or

        (b) a child in relation to whom the Secretary has made a declaration under subsection 869(1).

    Fortnightly income excess

      "1069-H33. The fortnightly income excess is:

annual income excess