Yearly rebate applied to housing rates.
Rates Rebates Float Year Titled Property Formula IncludedValue type Float . Default value 0 Entity titled_property
How is this calculated?
To calculate this variable, the following input is used
- Float rates_rebates__combined_income Combined Income of applicant and others normally resident at property for the purposes of Rates Rebates
- Int rates_rebates__dependants Number of Persons classified as dependant for the purposes of Rates Rebates
- Float rates_rebates__rates_total Total rates for the property
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
additional_per_dependant = parameters(period).entitlements.rates_rebates.additional_per_dependant
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)
# 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)