Commonwealth Consolidated Acts

VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZAAA

             (1)  In this Subdivision, unless the contrary intention appears:

"adjusted income reduced rate" , in relation to an income support supplement, means the rate worked out in relation to that supplement at Step 6 of Method statement 5 in Module A of the Rate Calculator.

"assets reduced rate" , in relation to a service pension or an income support supplement, means the rate worked out in relation to that pension or supplement at Step 8 of Method statement 1 or Step 8 of Method statement 5, as the case may be, in Module A of the Rate Calculator.

"dispose of real assets " has its ordinary meaning.

"guaranteed amount " means the amount (if any) specified under paragraph 52ZD(1A)(b) or subsection 52ZE(1) (as the case may be).

"income reduced rate" , in relation to a service pension, means the rate worked out in relation to that pension at Step 6 of Method statement 1 in Module A of the Rate Calculator.

"maximum payment rate" , in relation to a service pension or an income support supplement, means the rate worked out in relation to that pension or supplement at Step 4 of Method statement 1, Step 4 of Method statement 2 or Step 4 of Method statement 5, as the case may be, in Module A of the Rate Calculator.

"real assets" , in relation to a person or couple, means the real property (including the principal home) of the person or couple in Australia, but does not include any real property specified under paragraph 52ZD(1A)(a).

             (2)  For the purposes of this Subdivision, a reference to a charge under section 52ZF includes a reference to a charge continued in force by subsection 52ZF(3) or paragraph 52ZG(2A)(b).

             (3)  For the purposes of this Subdivision, a person is participating in the pension loans scheme if:

                     (a)  the person has made a request to participate in the scheme under section 52ZD; and

                     (b)  because of the request, the rate of the pension payable to the person is:

                              (i)  the maximum payment rate; or

                             (ii)  some other rate nominated by the person;

                            whichever is the lower; and

                     (c)  the person owes a debt to the Commonwealth under section 52ZC.