Section 59LB — Veterans' Entitlements Act 1986: Adjustment of veteran payment maximum basic rates

Partnered veteran payment MBR (1) This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $5.20, were substituted for the partnered veteran payment MBR: where: previous partnered veteran payment MBR is the partnered veteran payment MBR applicable on the day before the adjustment day. Single veteran payment MBR (2) This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $2.60, were substituted for the single veteran payment MBR: where: previous single veteran payment MBR is the single veteran payment MBR applicable on the day before the adjustment day. Definitions (3) In this section: adjustment day means the following: (a) 20 March; (b) 20 September. current single pension rate MBR means the single pension rate MBR (see item 1A of the table in section 59A) applicable on the adjustment day. pension MBR factor means: previous single pension rate MBR means the single pension rate MBR (see item 1A of the table in section 59A) applicable on the day before the adjustment day. (4) A pension MBR factor worked out under subsection (3) is to be worked out to 3 decimal places. However: (a) if a pension MBR factor worked out under subsection (3) would, if it were worked out to 4 decimal places, end in a number that is greater than 4, the pension MBR factor is to be increased by 0.001; and (b) if a pension MBR factor worked out under subsection (3) or paragraph (a) of this subsection would be less than 1, the pension MBR factor is to be increased to 1.