Meaning of “loss of earnings”
3 Meaning of “loss of earnings”
Loss of earnings means a loss incurred or likely to be incurred in a person’s income from personal exertion.
A person’s income from personal exertion is—
the amount that is the income of the person consisting of earnings, salaries, wages, commissions, fees, bonuses, pensions, retiring allowances and retiring gratuities, allowances and gratuities received in the capacity of employee or in relation to any services rendered, and
the proceeds of any business carried on by the person either alone or in partnership with any other person, and
any amount received as bounty or subsidy in carrying on a business.
A person’s income from personal exertion does not include—
interest, unless the person’s principal business consists of the lending of money, or unless the interest is received in respect of a debt due to the person for goods supplied or services rendered by the person in the course of the person’s business, or
rents or dividends, or
any employer superannuation contributions, or
the monetary amount of any annual, sick or other leave entitlement.
This Act’s bill:Explanatory memorandumSecond reading speech
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