### Yearly rebate applied to housing rates.

Rates Rebates Float YEAR Titled Property Formula Included used 0 times

Value type Float . Default value 0 Entity titled_property

### How is this calculated?

To calculate this variable, the following input is used

### Formulas

This is the formula used to calculate the value of rates_rebates__rebate

### 0001-01-01

This formula is used for scenarios from the date 0001-01-01 onwards. More info on formulas

def formula(titled_properties, period, parameters):
income_threshold = parameters(period).entitlements.rates_rebates.income_threshold
initial_contribution = parameters(period).entitlements.rates_rebates.initial_contribution
maximum_allowable = parameters(period).entitlements.rates_rebates.maximum_allowable

# sum allowable income including all the dependants for property
allowable_income = (titled_properties.sum(titled_properties.members('rates_rebates__dependants', period)) * additional_per_dependant) + income_threshold

# wrapping floor math function is non legislative and only to conform output of variable with existing infrastracture.
excess_income = floor((titled_properties.sum(titled_properties.members('rates_rebates__combined_income', period)) - allowable_income) / 8).clip(min=0)

# minus the initial contribution
rates_minus_contribution = titled_properties('rates_rebates__rates_total', period) - initial_contribution

# perform the calculation
rebate = rates_minus_contribution - ((rates_minus_contribution / 3) + excess_income)

# Ensures the results aren't negative (less than 0) or greater than the maximum_allowable
return clip(rebate, 0, maximum_allowable)