A single Special Rate Disability Compensation Payment recipient receives the following income per fortnight.
Rates as at March 2004.
Special Rate Disability Compensation Payment | $771.00 |
Compensation Limitation | $ 65.00 Debit |
Bank Interest | $ 5.00 |
Total | $711.00 |
Step | Action |
|
|
1 | Calculate the total income from all sources. Write the total income at (a) | (a) $711.00 | |
2 | Is the amount at (a) > the maximum basic rate (MBR)? If yes, write the MBR at (b) if no, copy (a) to (b) | (b) $464.20 | |
3 | Multiply (b) by 14% and copy (c) |
| (c) $64.99 |
4 | Is the amount at (a) < MBR? If yes, write $0 to (d) If no, subtract the MBR from (a), and write the amount to (d) | (d) $246.80 |
|
5 | Is the amount at (d) > the income free area (IFA)? if yes, copy the IFA to (e) if no, copy (d) to (e) | (e) $120.00 |
|
6 | Multiply (e) by 55% and write the amount at (f) |
| (f) $66.00 |
7 | Is the amount at (d) > IFA? If yes, write $0 to (g) If no, subtract the IFA from (d), and write the amount to (g) | (g) $126.80 |
|
8 | Multiply (g) by 27.5% and write the amount at (h) |
| (h) $34.87 |
9 | Add up the amounts at (c), (f) and (h) to determine the formulated rate. |
| $165.86 |
Thus the Limitation Rate (rounded down to the nearest dollar) is $165.00 per fortnight.
Links
[1] https://clik.dva.gov.au/user/login?destination=comment/reply/24118%23comment-form