EXPLANATORY STATEMENT
Veterans’ Entitlements Act 1986
Section 74 Instructions
EMPOWERING PROVISION
Section 74 of the Veterans' Entitlements Act 1986
PURPOSE
To establish an actuarial procedure for:
- converting certain lump sum compensation a relevant person receives, to a fortnightly amount, in order to facilitate the calculation of the amount to reduce fortnightly compensation payments the person receives under Part IV of the Veteran's Entitlements Act 1986 (VEA); and for
- ascertaining the period of a relevant person's life expectancy.
RETROSPECTIVITY
The attached instrument applies to all matters to which subsections 74 (3), 74 (3A) or 74 (3B) of the VEA first applies on and after the date of the instrument ( 17 January 2006) ie before it was registered on the Federal Register of Legislative Instruments.
Subsection 12(2) of the Legislative Instruments Act 2003 provides (as paraphrased) that retrospective legislative instruments that negatively affect citizens are of no effect. The attached instrument does not fall within this prohibition because it does not disadvantage any person or impose liabilities on any person.
CONSULTATION
The Rule-Maker (Australian Government Actuary) decided that consultation in respect of the attached instrument was not necessary because the instrument was of a minor or machinery nature and did not substantially alter existing arrangements (Note paragraph 18(2)(a) of the Legislative Instruments Act 2003).
DOCUMENTS INCORPORATED BY REFERENCE
Under s.4 of the Legislative Instruments Act 2003 an Explanatory Statement is required to, among other things, describe any documents incorporated-by-reference in the instrument and indicate how they may be obtained.
The attached instrument does not incorporate any documents-by reference.