Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Youth allowance and austudy payment assets test
1 Subsection 547B(1)
Repeal the subsection.
2 Subsection 547B(2)
Omit "(2)".
3 Sections 573 and 573A
Repeal the sections, substitute:
573 Austudy payment not payable if assets value limit exceeded
An austudy payment is not payable to a person if the value of the person's assets is more than the person's assets value limit.
Note: For assets value limit see section 573B.
4 Application provisions
(1) The amendment made by item 1 applies in relation to working out whether youth allowance is payable to a person in respect of days occurring on or after the commencement of that item.
(2) The amendment made by item 3 applies in relation to working out whether an austudy payment is payable to a person in respect of days occurring on or after the commencement of that item.
Part 2 -- Means test treatment of private companies and private trusts
5 Paragraph 547D(a)
Omit "and Part 3.18".
6 Paragraph 547D(b)
Omit "(disregarding Part 3.18)".
7 Section 547D
Omit "Section 547E applies for the purpose of working out the value of the assets of the person and of any other person who is the partner of the person.".
8 Section 547E
Repeal the section.
9 Section 573C
Omit "Section 573D applies for the purpose of working out the value of the person's assets and of his or her partner (if any).".
10 Section 573D
Repeal the section.
11 Application provisions
(1) The amendment s made by items 5 to 8 apply in relation to working out whether youth allowance is payable to a person in respect of days occurring on or after the commencement of those items.
(2) The amendments made by items 9 and 10 apply in relation to working out whether an austudy payment is payable to a person in respect of days occurring on or after the commencement of those items.
Part 3 -- Treatment of periodic gifts or allowances from family members
12 Paragraph 8(8)(z) (note)
Repeal the note.
13 Point 1067G - H21
Repeal the point.
14 Point 1067L - D17
Repeal the point.
15 Point 1068 - G5
Repeal the point.
16 Point 1068B - D5
Repeal the point.
17 Application provision
The amendments made by this Part apply in relation to working out the rate of social security benefits in respect of days occurring on or after the commencement of this item.
Part 4 -- Parental income test for youth allowance
18 After paragraph 1067G - F10(d)
Insert:
(da) the parent's tax free pension s or benefit s for that year (worked out in accordance with clause 7 of Schedule 3 to the Family Assistance Act);
19 Application provision
The amendment made by this Part appl ies in relation to working out a person's eligibility for, or amount of, youth allowance for a day that is on or after the commencement of this item.