Section 1204 — Social Security Act 1991: Adjustment of benefit AVLs

(1) This Act has effect as if, on 1 July each year, the amount worked out in accordance with the following formula were substituted for the benefit “single” non-homeowner AVL: where: benefit “partnered” (item 3) homeowner AVL is the current figure, as at that 1 July, for the benefit “partnered” (item 3) homeowner AVL. benefit “partnered” (item 3) non-homeowner AVL is the current figure, as at that 1 July, for the benefit “partnered” (item 3) non-homeowner AVL. benefit “single” homeowner AVL is the current figure, as at that 1 July, for the benefit “single” homeowner AVL. (2) This Act has effect as if, on 1 July each year, the amount worked out in accordance with the following formula were substituted for the benefit “partnered” (item 2) homeowner AVL: where: benefit “partnered” (item 3) homeowner AVL is the current figure, as at that 1 July, for the benefit “partnered” (item 3) homeowner AVL. (3) This Act has effect as if, on 1 July each year, the amount worked out in accordance with the following formula were substituted for the benefit “partnered” (item 2) non-homeowner AVL: where: benefit “partnered” (item 3) non-homeowner AVL is the current figure, as at that 1 July, for the benefit “partnered” (item 3) non-homeowner AVL.