Commonwealth Numbered Acts Commonwealth Numbered Acts
1 Subsection 1073AB(1)
Repeal the subsection, substitute:
Existing unused concession balances before 1 January 2024
(1) If, immediately before 1 January 2024, a person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)), the person retains that unused concession balance on 1 January 2024.
Initial unused concession balance after 1 January 2024
(1A) A person has an unused concession balance of $4,000 on the first day that is on or after 1 January 2024 and is a day on which section 1073AA applies to the person.
(1B) Subsection (1A) does not apply on a day if the person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)) immediately before that day.
Increase of unused concession balance in specified circumstances
(1C) If:
(a) a person ceases to receive the social security pension referred to in paragraph 1073AA(1)(a); and
(b) the person retains an unused concession balance (the old balance ) under subsection (3) of less than $4,000; and
(c) neither this subsection nor subsection (1A) has previously applied in relation to the person within the most recent 2 year period that starts on or after 1 July 2024;
then, on the first day that is on or after 1 July 2024 and is a day on which section 1073AA applies to the person again, the person's unused concession balance is increased by an amount equal to the difference between the old balance and $4,000.
(1D) Subsection (1C) does not apply if section 1073AA applies to the person again immediately following:
(a) the person's pension being suspended; or
(b) the person being taken to be receiving the pension under subsection 23(4A).
2 Subsection 1073AB(2)
Omit "$7,800" (wherever occurring), substitute "$11,800".
3 Subsection 1073AB(2) (example)
Repeal the example, substitute:
Example: John has an unused concession balance of $11,700. John has $100 of work bonus income in an instalment period of 14 days.
Instead of John's unused concession balance increasing to $11,900 under subsection 1073AA(4A), John's unused concession balance increases to $11,800.
4 Section 1073AC
Repeal the section.
5 Application provision
To avoid doubt, the amendments of subsection 1073AB(2) of the Social Security Act 1991 made by this Schedule apply regardless of the effect (if any) of subsections 1073AC(7) and (8) of that Act (as in force immediately before the commencement of this item).
Veterans' Entitlements Act 1986
6 Subsection 46AC(1)
Repeal the subsection, substitute:
Existing unused concession balances before 1 January 2024
(1) If, immediately before 1 January 2024, a person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)), the person retains that unused concession balance on 1 January 2024.
Initial unused concession balance after 1 January 2024
(1A) A person has an unused concession balance of $4,000 on the first day that is on or after 1 January 2024 and is a day on which section 46AA applies to the person.
(1B) Subsection (1A) does not apply on a day if the person has an unused concession balance (including a balance of nil or a retained balance under subsection (3)) immediately before that day.
Increase of unused concession balance in specified circumstances
(1C) If:
(a) a person ceases to receive service pension or income support supplement; and
(b) the person retains an unused concession balance (the old balance ) under subsection (3) of less than $4,000; and
(c) neither this subsection nor subsection (1A) has previously applied in relation to the person within the most recent 2 year period that starts on or after 1 July 2024;
then, on the first day that is on or after 1 July 2024 and is a day on which section 46AA applies to the person again, the person's unused concession balance is increased by an amount equal to the difference between the old balance and $4,000.
(1D) Subsection (1C) does not apply if section 46AA applies to the person again following the person's service pension or income support supplement being suspended.
7 Subsection 46AC(2)
Omit "$7,800" (wherever occurring), substitute "$11,800".
8 Subsection 46AC(2) (example)
Repeal the example, substitute:
Example: John has an unused concession balance of $11,700. John has $100 of work bonus income in a pension period.
Instead of John's unused concession balance increasing to $11,900 under subsection 46AA(4A), John's unused concession balance increases to $11,800.
9 Section 46ACA
Repeal the section.
10 Application provision
To avoid doubt, the amendments of subsection 46AC(2) of the Veterans' Entitlements Act 1986 made by this Schedule apply regardless of the effect (if any) of subsections 46ACA(7) and (8) of that Act (as in force immediately before the commencement of this item).