Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52ga:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52GA (pt 1/2)
Character Range: 757527–760065

52GA  Disposal of assets in pre‑pension years—members of couples
 (1) Subject to subsections (3), (4) and (5), if:
 (a) a person disposes of an asset; and
 (b) the person is a member of a couple when the person or the person's partner claims a service pension, an income support supplement or a social security pension; and
 (c) the person disposes of the asset:
 (i) during a pre‑pension year of the person; or
 (ii) if the person does not claim a service pension, an income support supplement or a social security pension but the person's partner claims such a pension—during a pre‑pension year of the person's partner; and
 (d) the amount of that disposition, or the sum of that amount and the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during that pre‑pension year, exceeds $10,000;
then, for the purposes of determining whether the pension is payable to the person:
 (e) there is to be included in the value of the person's assets for the period of 5 years that starts on the day on which the disposition took place:
 (i) 50% of the amount by which the sum of the amount of the first‑mentioned disposition and of the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during that pre‑pension year exceeds $10,000; or
 (ii) 50% of the amount of the first‑mentioned disposition;
  whichever is the lesser amount; and
 (f) there is to be included in the value of the assets of the person's partner for the period of 5 years that starts on the day on which the disposition took place:
 (i) 50% of the amount by which the sum of the amount of the first‑mentioned disposition and of the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during that pre‑pension year exceeds $10,000; or
 (ii) 50% of the amount of the first‑mentioned disposition;
  whichever is the lesser amount.
Note 1: For disposes of assets see section 52E.
Note 2: For amount of disposition see section 52F.
Note 3: If a pension is payable to the person, section 52H operates to determine the rate of payment and section 52GA ceases to apply to the person.
 (3) If:
 (a) amounts are included under subsection (1) in the value of the assets of a person who is a member of a couple and in the value of the assets of the person's partner because of a disposition of an asset by the person; and
 (b) the person and the person's partner cease to be members of the same couple;
any amount that was included in