A New Tax System (Bonuses for Older Australians) Act 1999 (REPEALED)
The amount of a Veterans' Affairs customer's aged persons savings bonus payment is worked out in accordance with the following table:
Example:
Ruth has annual retirement income of $23,000 and annual savings and investment income of $1,500.
Ruth's aged persons savings bonus payment is worked out as follows.
Ruth's annual savings and investment income of $1,500 exceeds the maximum of $1,000, so only $1,000 is potentially allowable.
The phasing out fraction of the $1,000 then needs to be subtracted. The fraction is:
$23,000 − $20,000
$10,000= 3
10Therefore 3/10 of $1,000 (i.e. $300) needs to be subtracted. This leaves an aged persons savings bonus payment of $700.
Bonus payments less than $1 rounded up to $1
(2)
If the amount of a Veterans' Affairs customer's aged persons savings bonus payment worked out under this section is greater than nil and less than $1, the amount is rounded up to $1.
Phasing out fraction
(3)
In this section:
phasing out fraction
means the following fraction:
|
Veteran's Affairs customer's annual retirement income
−
$20,000
$10,000 |
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