Commonwealth Consolidated Acts Commonwealth Consolidated ActsExisting unused concession balances before 1 January 2024
(1) If, immediately before 1 January 2024, a person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)), the person retains that unused concession balance on 1 January 2024.
Initial unused concession balance after 1 January 2024
(1A) A person has an unused concession balance of $4,000 on the first day that is on or after 1 January 2024 and is a day on which section 1073AA applies to the person.
(1B) Subsection (1A) does not apply on a day if the person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)) immediately before that day.
Increase of unused concession balance in specified circumstances
(1C) If:
(a) a person ceases to receive the social security pension referred to in paragraph 1073AA(1)(a); and
(b) the person retains an unused concession balance (the old balance ) under subsection (3) of less than $4,000; and
(c) neither this subsection nor subsection (1A) has previously applied in relation to the person within the most recent 2 year period that starts on or after 1 July 2024;
then, on the first day that is on or after 1 July 2024 and is a day on which section 1073AA applies to the person again, the person's unused concession balance is increased by an amount equal to the difference between the old balance and $4,000.
(1D) Subsection (1C) does not apply if section 1073AA applies to the person again immediately following:
(a) the person's pension being suspended; or
(b) the person being taken to be receiving the pension under subsection 23(4A).
Maximum unused concession balance
(2) If, apart from this subsection, the person's unused concession balance would exceed $11,800, that balance is instead taken to be $11,800.
Example: John has an unused concession balance of $11,700. John has $100 of work bonus income in an instalment period of 14 days.
Instead of John's unused concession balance increasing to $11,900 under subsection 1073AA(4A), John's unused concession balance increases to $11,800.
Effect of ceasing to receive social security pension
(3) If the person ceases to receive the social security pension referred to in paragraph 1073AA(1)(a), the person retains the person's unused concession balance immediately before that cessation.
Note: If section 1073AA applies to the person again, the person's unused concession balance will be that retained balance.