A New Tax System (Bonuses for Older Australians) Act 1999 (REPEALED)
If section 21 does not apply to a Veterans' Affairs customer, the customer's annual retirement income and annual savings and investment income for the purposes of this Part are worked out in accordance with this section.
(2)
The customer's annual retirement income is the amount that would have been the customer's ordinary income on a yearly basis when last worked out by the Commission before the Commission first determines the customer's entitlement to an aged persons savings bonus payment under this Part if the assumptions in paragraphs 21(3)(a) , (b) and (c) were made.
(3)
The customer's annual savings and investment income is worked out as follows: Method statement
Step 1.
Work out under subsection (2) what would be the customer's annual retirement income if, in addition to making the assumptions in paragraphs 21(3)(a) , (b) and (c), it were assumed that the below threshold rate (within the meaning of the Veterans' Entitlements Act 1986 ) were the same as the above threshold rate (within the meaning of that Act).
Step 2.
Work out how much of the Step 1 amount is attributable to savings and investments. The result is the customer's annual savings and investment income .
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