Document ID: chunk:federal_register_of_legislation:C2004A04996:front:0:p37
Version: federal_register_of_legislation:C2004A04996
Segment Type: other
Provision Reference: 
Character Range: 96546–99249

year in which the payday falls.

notifiable event means an event or change of circumstances that:

    (a) is stated in a notice under section 54D; and

    (b) is described by the notice as a notifiable event.

     Example: Suppose 4 April 1996 is a carer service pension payday or an income support supplement payday. It falls in the calendar year 1 January to 31 December 1996, so the base tax year for that payday is the tax year that ended on 30 June 1995 (i.e. the year of income beginning on 1 July 1994).

Assets test

Passing the assets test

"53AD.(1) A care receiver passes the assets test if the total value of the following assets is less than $376,750:

    (a) the care receiver's assets;

    (b) if the care receiver has a partner—the partner's assets;

    (c) if the care receiver or the care receiver's partner has one or more FP children (within the meaning of the Social Security Act)—any assets of the FP children.

Note: The amount stated in subsection (1) is indexed on each 1 January: see section 59GD.

Increase in assets value limit

"(2) If there is in force under subsection 198D(2) of the Social Security Act a determination increasing an amount referred to in that subsection, the corresponding amount in subsection (1) of this section is increased to the same extent, and the increased amount has effect from the commencement of this section.

Working out the value of assets

"53AE. For the purposes of subsection 53AD(1), the value of assets is to be worked out in accordance with:

    (a) Division 11 except Subdivisions B, D and E of that Division; and

SCHEDULE 6—continued

(b) sections 53AF to 53AM.

   Note: Sections 53AF to 53AM make special provision for the assets test for care receivers in relation to subjects covered more generally by Division 11.

Disposal of assets—care receiver assets test

"53AF.( 1) For the purposes of this Division, a person disposes of assets of the person if:

(a) the person engages in a course of conduct that directly or indirectly:

   (i) destroys all or some of the person's assets; or

   (ii) disposes of all or some of the person's assets; or

   (iii) diminishes the value of all or some of the person's assets; and

(b) one of the following subparagraphs is satisfied:

     (i) the person receives no consideration in money or money's worth for the destruction, disposal or diminution;

     (ii) the person receives inadequate consideration in money or money's worth for the destruction, disposal or diminution;

     (iii) the Commission is satisfied that the person's purpose, or dominant purpose, in engaging in that course of conduct was to enable another person who provides care for the person to obtain a