Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Veterans' Entitlements Act 1986
1 Subsection 22(4)
Omit "increased by 50% of the maximum rate set out in subsection (3)", substitute "$433.65 per fortnight".
2 Paragraph 98B(1)(a)
Omit "a rate that had been increased under", substitute "the rate specified in".
3 Subparagraph 99(2)(a)(i)
Omit "increased", substitute "worked out".
4 Subparagraph 113(2)(b)(i)
Omit "increased", substitute "worked out".
5 Subsection 198(1)
Insert:
"above general rate" means the following rates:
(a) the rate under subsection 22(4);
(b) the rate under subsection 23(4);
(c) the rate under subsection 24(4).
6 Subsection 198(1) (paragraphs (b) and (c) of the definition of relevant rate )
Repeal the paragraphs.
7 At the end of subsection 198(4) (before the note)
Add:
Note 1: For indexation of each above general rate, see subsection (5E).
8 Subsection 198(4) (note)
Omit "Note", substitute "Note 2".
9 After subsection 198(5D)
Insert:
(5E) This Act has effect as if, on the first day (the adjustment day ) of each relevant period, there were substituted, for each above general rate, the rate worked out as follows:
Method statement
Step 1. Work out the general rate on the adjustment day.
Step 2. Work out the general rate on the day before the adjustment day.
Step 3. Work out the above general rate on the day before the adjustment day.
Step 4. Subtract the rate at step 2 from the rate at step 3.
Step 5. Multiply the amount worked out at step 4 by the pension MBR factor specified in section 59LA (rounding the result up to the nearest $0.10).
Step 6. Add the rate worked out at step 1 to the amount worked out at step 5: the result is the above general rate on the adjustment day.
10 Subsection 198(10)
After "relevant rate", insert "or an above general rate".