Document ID: chunk:federal_register_of_legislation:F2025C00071:reg:92
Version: federal_register_of_legislation:F2025C00071
Segment Type: reg
Provision Reference: reg 92
Character Range: 153019–154138

92  Excluded amounts—gifts
 (1) For a person who, on or before 20 August 1996, disposed of ordinary income, the amount of ordinary income disposed of on or before 20 August 1996 that is included in the person's ordinary income under:
 (a) sections 1106, 1107, 1108 and 1109 of the Social Security Act; or
 (b) sections 48, 48A, 48B and 48C of the Veterans' Entitlements Act;
is an excluded amount.
Note: Sections 1106, 1107, 1108 and 1109 of the Social Security Act, and sections 48, 48A, 48B and 48C of the Veterans' Entitlements Act, deal with disposal of ordinary income.
 (2) For a person who, on or before 20 August 1996, disposed of assets, the amount of ordinary income the person is taken to receive because assets disposed of on or before 20 August 1996 are assessed as financial assets under:
 (a) section 1076, 1077 or 1078 of the Social Security Act; or
 (b) sections 46D and 46E of the Veterans' Entitlements Act;
is an excluded amount.
Note: Section 1076, 1077 or 1078 of the Social Security Act, and sections 46D and 46E of the Veterans' Entitlements Act, deal with deemed income from financial assets.