Document ID: chunk:federal_register_of_legislation:C2004A04996:front:0:p43
Version: federal_register_of_legislation:C2004A04996
Segment Type: other
Provision Reference: 
Character Range: 111187–113859

but passing special income test

"(2) The Commission may decide under subsection (1) that the assets test does not apply to the care receiver if:

    (a) the value of the care receiver's assets is more than $376,750 and not more than $559,250; and

    (b) the value of the care receiver's liquid assets is less than the liquid assets limit; and

    (c) the amount of the care receiver's estimated taxable income for the current financial year is less than the threshold amount worked out under subsection (7).

     Note 1: The asset values specified in paragraph (2)(a) are indexed each year on 1 January (see section 59GE).
Note 2: For calculating the value of assets and liquid assets see paragraph (6)(a).
Note 3: For liquid assets see subsection (5).
Note 4: For liquid assets limit see paragraph (6)(b).

Failing assets and special income tests

"(3) The Commission may decide under subsection (1) that the assets test does not apply to the care receiver if the value of the care receiver's assets is more than $376,750 and not more than $559,250 and:

    (a) the value of the care receiver's liquid assets is equal to or greater than the liquid assets limit; or

    (b) the amount of the care receiver's estimated taxable income for the current financial year is equal to or more than the threshold amount worked out under subsection (7).

Note 1: The asset values stated in subsection (3) are indexed each year on 1 January (see section 59GE).
Note 2: For calculating the value of assets and liquid assets see paragraph (6)(a).
Note 3: For liquid assets see subsection (5).
Note 4: For liquid assets limit see paragraph (6)(b).

Failing assets test by large margin but passing special income test

"(4) The Commission may decide under subsection (1) that the assets test does not apply to the care receiver if:

(a) the value of the care receiver's assets is more than $559,250; and

SCHEDULE 6—continued

(b) the value of the care receiver's liquid assets is less than the liquid assets limit; and

    (c) the amount of the care receiver's estimated taxable income for the current financial year is less than the threshold amount worked out under subsection (7).

Note 1: The asset values stated in paragraph (2)(a) are indexed each year on 1 January (see section 59GE).
Note 2: For calculating the value of assets and liquid assets see paragraph (6)(a).
Note 3: For liquid assets see subsection (5).
Note 4: For liquid assets limit see paragraph (6)(b).

Liquid assets

"(5) In this section:

liquid assets, in relation to a person, means:

    (a) the person's cash; and

    (b) the person's shares in the capital of, and debentures of, a public company