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6.9 Historical Dates

6.9.1The following reference, taken from the NSWSO intranet site provides a list of useful dates which should be considered when calculating an overpayment. These dates may also prove useful when calculating backdated arrears payments.    

Date

Changes

20/03/04

Changes in deemed interest rates applicable to financial assets.

  • Below threshold rate increased from 2.5% to 3.0%
  • Above threshold rates increased from 4.0% to 5.0%.

01/07/02

Changes to the disposal of assets rules. 'Pension year' rule replaced by 'Tax year' rule for disposal of assets occurring on or after 01/07/02. Also disposal of assets in excess of $30,000 during a 5-year rolling period assessed as deprived assets for 5 years from the date that the $30,000 'free area' is excluded.

20/03/02

Changes in deemed interest rates applicable to financial assets.

  • Below threshold rate reduced from 3.0% to 2.5%
  • Above threshold rates reduced from 4.5% to 4.0%.

01/01/02

Changes to private trusts and private companies rules. If a person is 'involved' in a private trust or a private company some or all of the trust/company income and assets may be attributed as the person's personal income and assets.

20/09/01

Extended deeming rules not applicable to an unrealisable asset that is also a financial asset.

20/09/01

Rounding ceases (previously pension amounts were rounded to the nearest 10?).

20/09/01

Indexation of ISS ceiling rate commences.

01/07/01

Change in deemed interest rates applicable to financial assets.

  • Below threshold rate reduced from 3.5% to 3.0%
  • Above threshold rates reduced from 5.5% to 4.5%.

01/07/00

Introduction of the GST. Taper rate reduces to 40? in the dollar (20? each for couples). Pension supplement commenced to be payable.

21/04/00

Earliest date for assessment history on VIEW. Earliest date for calculate pension on PIPS.

21/03/00

Deeming rate change 1 day after the A/L.

7/03/00

This date will appear on VIEW instead of the A/L date (20/3/00). It will appear twice if BRI was in the assessment. In these cases VIEW will show 2 entries for 7/3/00 – one entry will be for the BRI run (which actually was 7/3/00) and the other will be for the A/L (correct date 20/3/00).

  • If you need to do a What If? or Simulated Assessment for the 20/3/00 A/L you should enter 23/3/00 as the date to get the system to provide you with a correct rate of pension. (Any calculated pension rate would still be effective from 20/3/00.)

07/09/99

This date appears incorrectly in VIEW. VIEW should show the date as 20/9/99 – the A/L date.

  • If you need to do a What If? or Simulated Assessment for the 20/9/99 A/L you should enter 23/9/99 as the date to get the system to provide you with a correct rate of pension. (Any calculated pension rate would still be effective from 20/9/99.)

July 99

Transitional period for new Date of Effect rules:

  • Payday 1/7/99 represents the 14 day period 1/7/99 – 14/7/99.
  • Payday 15/7/99 represents the 14 day period 15/7/99 – 28/7/99.
  • Payday 29/7/99 represents the 14 day period 13/7/99 – 26/7/99.

(From 20/9/99, all A/Ls became effective from 1st January, 20th March, 1st July, and 20th September each year – see above)

01/01/98

Most child payments transferred to Centrelink. Rent Assistance began to be paid by Centrelink if children were in the assessment. Some saved cases remain with DVA.

27/3/97

End of concessional deeming rules for first $2,000 / $4,000 (see below).

04/07/96

Extended deeming began, bringing in a two-tiered system with two interest rates (initially at 5% & 7%). The first $2,000 (singles) or $4,000 (couples) was still assessed at the actual rate.

Note:In addition, the payday & event history chart may also be useful in such cases.