Commonwealth Consolidated Acts

VETERANS' ENTITLEMENTS ACT 1986 - SECT 59LA

             (1)  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 ceiling rate:

where:

"pension MBR factor" is:

"previous ceiling rate" is the ceiling rate applicable on the day before the adjustment day.

             (2)  In subsection (1):

"current single pension MBR amount" means the pension MBR amount applicable, on the adjustment day, to a person who is not a member of a couple.

"previous single pension MBR amount" means the pension MBR amount applicable, on the day before the adjustment day, to a person who is not a member of a couple.

          (2A)  A pension MBR factor worked out under subsection (1) is to be worked out to 3 decimal places. However:

                     (a)  if a pension MBR factor worked out under subsection (1) 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

                     (b)  if a pension MBR factor worked out under subsection (1) or paragraph (a) of this subsection would be less than 1, the pension MBR factor is to be increased to 1.

             (3)  In this section:

"adjustment day" means the following:

                     (a)  20 March;

                     (b)  20 September.