Document ID: chunk:federal_register_of_legislation:C2024C00866:section:45ut
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 45UT
Character Range: 604293–606453

45UT  Disposal preclusion period—dispositions before 1 July 2002
 (1) For the purposes of this Part, if:
 (a) either:
 (i) a person has, during a designated year of the person, disposed of an asset of the person; or
 (ii) the partner of a person has, during a designated year of the person, disposed of an asset of the partner; and
 (b) the amount of that disposition, or the sum of that amount and of the amounts (if any) of other dispositions of assets previously made by the person and/or the person's partner during that designated year, exceeds $10,000;
the person is subject to a disposal preclusion period throughout the period of 5 years that starts on the day on which the disposition referred to in paragraph (a) took place.
Note: Designated year is defined by subsection (3).
 (1A) This section applies only to dispositions of assets that took place before 1 July 2002.
 (2) For the purposes of this Part, if:
 (a) a person ceases to be a member of a couple (whether because of the death of the person's partner or for any other reason); and
 (b) immediately before the cessation, the person was subject to a particular disposal preclusion period that arose wholly because the person's partner disposed of a particular asset; and
 (c) if that disposition had been disregarded, the person would not have been subject to that disposal preclusion period;
then, despite subsection (1), that disposal preclusion period ends at the cessation.
 (3) For the purposes of this section, a designated year of a person is:
 (a) the 12‑month period ending on the person's special date of eligibility for a designated pension; and
 (b) each preceding 12‑month period; and
 (c) each succeeding 12‑month period.
 (4) This section applies to a disposal even if the disposal took place before the commencement of this section.
 (5) No period after 30 June 2002 is, or is a part of, a designated year of a person. If, apart from this subsection, a period beginning before 1 July 2002 and ending on or after that date would be a designated year of a person, the part of that period that ends immediately before that date is taken to be a designated year of the person.