Commonwealth Consolidated Acts Commonwealth Consolidated ActsBasic opening balance rule
(1) Subject to this section, each working credit participant has, on becoming a working credit participant, a working credit opening balance of nil.
Opening balance following cancellation of social security pension or benefit
(2) If:
(a) a person ceases to be a working credit participant or a person to whom the student income bank applies because of a determination to cancel, or an automatic cancellation of, the person's social security pension or social security benefit; and
(b) the person had a working credit balance or a student income bank balance greater than nil immediately before the date of effect of the determination or cancellation; and
(c) the person makes, or is taken to have made, a new claim for a social security pension or social security benefit; and
(d) the Secretary determines that the new claim is to be granted with effect from a day within 12 months after the date of effect mentioned in paragraph (b); and
(e) the person becomes a working credit participant on a day (the participation day ), being either the day with effect from which the new claim is granted or a day following that day;
the working credit balance mentioned in paragraph (b), or the student income bank balance mentioned in that paragraph to the extent that it does not exceed the threshold amount (see subsection (7)), becomes the opening balance of the working credit applicable to the person on the participation day.
Opening balance following suspension of social security pension or benefit
(3) If:
(a) a person ceases to be a working credit participant because of a determination to suspend the person's social security pension or social security benefit; and
(b) the person had a working credit balance greater than nil immediately before the date of effect of the determination; and
(c) within 12 months after the date of effect of the determination, the payment of the person's pension or benefit is resumed; and
(d) the person becomes a working credit participant on the day with effect from which the person's pension or benefit is resumed;
the working credit balance mentioned in paragraph (b) becomes the opening balance of the working credit applicable to the person on the day mentioned in paragraph (d).
Opening balance following suspension and subsequent cancellation of social security pension or benefit
(4) If:
(a) a person ceases to be a working credit participant or a person to whom the student income bank applies because of a determination to suspend the person's social security pension or social security benefit; and
(b) while the person's pension or benefit is suspended there is a determination to cancel the person's pension or benefit; and
(c) the person had a working credit balance or a student income bank balance greater than nil immediately before the date of effect of the suspension determination; and
(d) the person makes, or is taken to have made, a new claim for a social security pension or social security benefit; and
(e) the Secretary determines that the new claim is to be granted with effect from a day within 12 months after the date of effect mentioned in paragraph (c); and
(f) the person becomes a working credit participant on a day (the participation day ), being either the day with effect from which the new claim is granted or a day following that day;
the working credit balance mentioned in paragraph (c), or the student income bank balance mentioned in that paragraph to the extent that it does not exceed the threshold amount (see subsection (7)), becomes the opening balance of the working credit applicable to the person on the participation day.
Opening balance following cessation of full - time study by youth allowance recipient
(5) If:
(a) a person is receiving youth allowance and is undertaking full - time study; and
(b) the person ceases to undertake full - time study; and
(c) either because of a determination made as a result of that cessation or, if no determination is necessary, because of the cessation itself, the person, on a day (the participation day ):
(i) ceases to be a person to whom the student income bank set out in Module J of the Youth Allowance Rate Calculator applies; and
(ii) becomes a working credit participant; and
(d) the person had a student income bank balance greater than nil immediately before the participation day;
the student income bank balance mentioned in paragraph (d), to the extent that it does not exceed the threshold amount (see subsection (7)), becomes the opening balance of the working credit applicable to the person on the participation day.
Opening balance following cessation as a new apprentice by youth allowance recipient
(5A) If:
(a) a person is receiving youth allowance and is a new apprentice; and
(b) the person ceases to be a new apprentice; and
(c) either because of a determination made as a result of that cessation or, if no determination is necessary, because of the cessation itself, the person, on a day (the participation day ):
(i) ceases to be a person to whom the student income bank set out in Module J of the Youth Allowance Rate Calculator applies; and
(ii) becomes a working credit participant; and
(d) the person had a student income bank balance greater than nil immediately before the participation day;
the student income bank balance mentioned in paragraph (d), to the extent that it does not exceed the threshold amount (see subsection (7)), becomes the opening balance of the working credit applicable to the person on the participation day.
Opening balance following cessation of ABSTUDY payment
(6) If:
(a) a person to whom the income bank under the ABSTUDY scheme applies stops being such a person; and
(b) the person becomes a working credit participant on a day (the participation day ) within 12 months after so stopping; and
(c) immediately before so stopping, the person had a credit balance greater than nil under the scheme;
the credit balance, to the extent that it does not exceed the threshold amount (see subsection (7)), becomes the opening balance of the working credit applicable to the person on the participation day.
(7) In this section:
"threshold amount" means:
(a) if, on the participation day, the person is receiving youth allowance, the person is not undertaking full - time study and the person is not a new apprentice--$3,500; or
(b) in any other case--$1,000.