Page:Advanced Australia.djvu/151

amount of the pension is thus £18: but for every complete £1 of income above £34 the pensioner has his pension reduced by £1, and a similar amount will be deducted for every complete £15 of the net capital value of all his accumulated property above £50. In making the calculation as to whether a person is entitled to a pension, and also as to the amount of the pension for the first year, the claimant's income for the past year is to be deemed his yearly income, and the same system of computation will be employed in fixing the rate of the pension in succeeding years. Further, in computing the income, deduction will be made of all income derived or received from accumulated property; but the value of board and lodging received, up to £26 a year, will be included in the computation of the income. In the case of husband and wife, each will be credited with half the total of the income, but the rule will not apply when they are living apart pursuant to a decree, order, or deed of separation. During the passing of the measure through Parliament considerable discussion took place as to how the term "income" should be defined. Finally, the following definition was agreed upon, viz.: Any moneys, valuable consideration, or profits derived by any person for his own use or benefit in any year by any means or from any source. Personal earnings will be included, but not pensions paid under the Act, nor sick allowance, nor financial benefit from any registered friendly society. By accumulated property is meant all real and personal property owned by any person, to the extent of his beneficial estate or interest therein. From the capital value of such property will be deducted £50, and also all charges and encumbrances lawfully existing thereon, and the residue then remaining will be the net capital value of all his accumulated property.