Adjustment of veteran payment maximum basic rates
59LB Adjustment of veteran payment maximum basic rates
Partnered veteran payment MBR
This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $5.20, were substituted for the partnered veteran payment MBR:
Start formula Previous partnered veteran payment MBR times Pension MBR factor end formula
where:
previous partnered veteran payment MBR is the partnered veteran payment MBR applicable on the day before the adjustment day.
Single veteran payment MBR
This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $2.60, were substituted for the single veteran payment MBR:
Start formula Previous single veteran payment MBR times Pension MBR factor end formula
where:
previous single veteran payment MBR is the single veteran payment MBR applicable on the day before the adjustment day.
Definitions
In this section:
adjustment day means the following:
20 March;
20 September.
current single pension rate MBR means the single pension rate MBR (see item 1A of the table in section 59A) applicable on the adjustment day.
pension MBR factor means:
Start formula start fraction Current single pension rate MBR over Previous single pension rate MBR end fraction end formula
previous single pension rate MBR means the single pension rate MBR (see item 1A of the table in section 59A) applicable on the day before the adjustment day.
A pension MBR factor worked out under subsection (3) is to be worked out to 3 decimal places. However:
if a pension MBR factor worked out under subsection (3) would, if it were worked out to 4 decimal places, end in a number that is greater than 4, the pension MBR factor is to be increased by 0.001; and
if a pension MBR factor worked out under subsection (3) or paragraph (a) of this subsection would be less than 1, the pension MBR factor is to be increased to 1.
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