Document ID: chunk:federal_register_of_legislation:C2004A00998:clause:1_198je
Version: federal_register_of_legislation:C2004A00998
Segment Type: clause
Provision Reference: sch 1 cl 198JE
Character Range: 8177–9482

198JE  Disposal of assets in income year—profoundly disabled children

Application

 (1) This section has effect in determining whether a person who has been receiving a carer payment for caring for a care receiver who is a profoundly disabled child continues to qualify for the payment.

Disposals to which section applies

 (2) This section applies to a disposal (the relevant disposal) on or after 1 July 2002 by a person of one or more of the disabled child's assets.

Increase in value of assets of profoundly disabled child

 (3) If the amount of the relevant disposal, or the sum of that amount and the amounts (if any) of other disposals of the disabled child's assets previously made by a person during the income year in which the relevant disposal took place, exceeds $10,000, then, for the purposes of this Act, the lesser of the following amounts is to be included in the value of the disabled child's assets for the period of 5 years starting on the day on which the relevant disposal took place:
 (a) the amount of the relevant disposal;
 (b) the amount by which the sum of the amount of the relevant disposal, and the amounts (if any) of other disposals of the disabled child's assets previously made during the income year in which the relevant disposal took place, exceeds $10,000.