Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT 1990 No. 6, 1991 - SECT 9

9. (1) After section 4C of the Principal Act the following section is
inserted: Income from certain money

"4D. (1) In this section: `assumed rate' means 10;pc or, if there is a lower
rate determined under subsection (7), that lower rate; `available money', in
relation to a person, means money held by, or on behalf of, the person, but
does not include the person's deposit money or money to which section 4C
applies; `deposit money', in relation to a person, means the person's money
that is deposited in an account with a financial institution; `income money',
in relation to a person at any time, means so much of:

   (a)  the person's deposit money; and

   (b)  the person's available money; at that time as exceeds $2,000.

"(2) For the purposes of this section, a person's deposit money on which
interest is paid is not to be treated as income money of the person at a
particular time unless such of:

   (a)  the person's deposit money on which a lower, or no interest is paid;
        and
  (b)   the person's available money;
as does not exceed $2,000 has not been so treated at that time.

"(3) For the purposes of this Act, where interest is not paid on income money
of a person, the person is taken to receive interest on that money at the rate
per year of the assumed rate.

"(4) Subject to subsection (5), for the purposes of this Act, where the rate
per year of interest paid on income money of a person is less than the assumed
rate, the person is taken to be paid interest on that money at the rate per
year of the assumed rate.

"(5) The Minister may, by notice in writing, determine that this section does
not apply to specified income money of a person or of a class of persons.

"(6) For the purposes of this section, where interest paid on deposit money is
not received, or accounted for, at least as frequently as each anniversary of
the making of the deposit, interest on the money is taken to be received by
the depositor on each such anniversary.

"(7) The Minister may from time to time, by notice in writing, determine a
rate of less than 10;pc that is to be the assumed rate for the purposes of
this section.

"(8) A notice by the Minister under subsection (7) is a disallowable
instrument for the purposes of section 46A of the Acts Interpretation Act 
1901 .

"(9) Where this section applies, Division 2 of Part 1 does not apply.".

(2) Where a person:

   (a)  was not a prescribed person within the meaning of section 251A of the
        Principal Act on 28 February 1991; and

   (b)  would have been a prescribed person on that day if the amendments made
        by subsection (1) had been in force on that day; then, for the
        purposes of this Act and other laws of the Commonwealth, the person
        does not become a prescribed person unless and until he or she would
        have become so if the amendments had not been made.
Commencement: 1 March 1991