Document ID: chunk:federal_register_of_legislation:C2015C00322:clause:7_3
Version: federal_register_of_legislation:C2015C00322
Segment Type: clause
Provision Reference: sch 7 cl 3
Character Range: 84618–86591

3  After point 1071‑11
Insert:

Deemed income amount
 1071‑11A This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 1071‑13) at the test time.
           Step 2. Work out under section 1076 the amount of ordinary income the person would be taken to receive per year on the financial assets:

                (a) on the assumption that the only financial assets of the person were the financial assets referred to in step 1; and
                (b) on the assumption that the total value of the person's financial assets were the amount at step 1.

           Step 3. The result at step 2 is the person's deemed income amount.
 1071‑11B This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 1071‑13) at the test time.
           Step 2. If, at the test time, the person's partner has reached the minimum age mentioned in section 301‑10 of the Income Tax Assessment Act 1997, work out the total value of all of the person's partner's long‑term financial assets (see point 1071‑13) at the test time.
           Step 3. Work out under section 1077 the amount of ordinary income the couple would be taken to receive per year on the financial assets:

                (a) on the assumption that section 1077 applied to the person and the person's partner; and
                (b) on the assumption that the only financial assets of the person and the person's partner were the financial assets referred to in steps 1 and 2; and
                (c) on the assumption that the total value of the couple's financial assets were the sum of the amounts at steps 1 and 2.

           Step 4. Divide the amount at step 3 by 2: the result is the person's deemed income amount.