Excluded income amount—invalidity service pensions
115G Excluded income amount—invalidity service pensions
The excluded income amount in respect of a veteran for a pension period that occurs within the period (the initial period) that begins on the day after the veteran first commenced remunerative work as a result of undertaking the transferred VEA rehabilitation program and ends immediately before the first CPI indexation day that is more than 2 years after the beginning of the initial period is half of the earnings of the veteran in each pension period.
The excluded income reduction amount in respect of a veteran for each pension period that occurs within each consecutive 6 month period during the 5 years that begins immediately after the initial period is worked out using the following formula:
Start formula open bracket 0.5 minus 0.05 times number of 6 month periods close bracket times earnings end formula
where:
no. of 6 month periods means the number of consecutive 6 month periods that have begun in the 5 year period.
earnings means salary, wages or earnings from remunerative work in each pension period.
If the veteran does not undertake any remunerative work in a continuous period of at least 6 months:
in working out the length of the initial period, or the 5‑year period mentioned in subsection (2), in relation to the veteran, disregard that continuous period; and
in doing calculations under subsection (1) or (2) in relation to the veteran, disregard that continuous period.
This section has effect only for the purposes of working out the amount of a veteran’s invalidity service pension.
This section is subject to section 46AD (about no double income reductions under this section and section 46AA).
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.