Document ID: chunk:federal_register_of_legislation:C2004A04954:body:0:p28
Version: federal_register_of_legislation:C2004A04954
Segment Type: other
Provision Reference: 
Character Range: 73742–76718

1165(3B):

Omit the subsection.

SCHEDULE 16—continued

28. Subsection 1165(3C):

Omit "none of subsections (3), (3A) and (3B)", substitute "neither subsection (3) nor (3A)".

29. Paragraph 1166(1)(a):

Omit "compensation in the form of a lump sum", substitute "a lump sum compensation payment".

    Note: The heading to section 1166 is altered by omitting "pension, benefit or allowance payments" and substituting "payments of compensation affected payment".

30. Subsection 1166(1) (Note):

Omit the Note, substitute:

"Note 1: For 'lump sum preclusion period' see subsections 1165(3) to (5).
     Note 2: A series of lump sum payments can be taken to be one lump sum compensation payment under subsection 17(2B).".

31. Subsections 1166(2), (3) and (4):

Omit the subsections, substitute:

"(2) Subject to subsection (5), the amount specified in the notice is the recoverable amount and is worked out under subsections (3), (4) and (4A).

"(3) If the person is not a member of a couple, the recoverable amount is equal to the smaller of the following amounts:

    (a) the compensation part of the lump sum compensation payment;

    (b) the sum of the payments of the compensation affected payment made to the person for the lump sum preclusion period.

"(4) If:

    (a) the person is a member of a couple; and

    (b).the person's partner does not receive a compensation affected payment or a youth training allowance for the lump sum preclusion period;

the recoverable amount is equal to the smaller of the following amounts:

    (c) the compensation part of the lump sum compensation payment;

    (d) the sum of the payments of the compensation affected payment made to the person for the lump sum preclusion period.

"(4A) If:

    (a) the person is a member of a couple; and

    (b).the person's partner receives a compensation affected payment or a youth training allowance for the lump sum preclusion period;

the recoverable amount is equal to the smaller of the following amounts:

SCHEDULE 16—continued

    (c) the compensation part of the lump sum compensation payment;

    (d) the sum of:

       (i) the payments of the compensation affected payment made to the person for the lump sum preclusion period; and

       (ii) the payments of the compensation affected payment and (if applicable) the payments of youth training allowance made to the person's partner for the lump sum preclusion period.".

32. Paragraph 1166(5)(a):

Omit "pension, benefit or allowance", substitute "a compensation affected payment".

33. Section 1166 (Lump sum recoverable amount and preclusion period examples—Example 1):

Omit "item 1 in the Table", substitute "subsection 1166(3),".

34. Section 1166 (Lump sum recoverable amount and preclusion period examples—Example 2):

Omit "item 3 in the Table", substitute "subsection 1166(4A)".

35. Section 1167:

Repeal the section, substitute:

Lump sum compensation not counted as ordinary income

"1167. If an amount per