Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1073AB

Initial unused concession balance of nil

             (1)  A person has an unused concession balance of nil on the first day that is after 30 June 2011 and is a day on which section 1073AA applies to the person.

Maximum unused concession balance

             (2)  If, apart from this subsection, the person's unused concession balance would exceed $6,500, that balance is instead taken to be $6,500.

Example:    John has an unused concession balance of $6,400. John earns $50 of employment income in an instalment period of 14 days.

Instead of John's unused concession balance increasing to $6,600 under subsection 1073AA(4A), John's unused concession balance increases to $6,500.

Effect of ceasing to receive social security pension

             (3)  If the person ceases to receive the social security pension referred to in paragraph 1073AA(1)(a), the person retains the person's unused concession balance immediately before that cessation.

Note:          If section 1073AA applies to the person again, the person's unused concession balance will be that retained balance.