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Income reduced rate
Income reduced rate is the amount calculated when the reduction for ordinary/adjusted income is subtracted from the maximum payment rate. See SCH6-A1(2) of VEA (Method Statement 1 Step 6) and SCH6-A1(6) of VEA (Method Statement 5 Step 6).
The ordinary income of a person for a period means, as described in section 46 of VEA, the gross ordinary income from all sources for that period without any reduction, other than a reduction of business income.
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