Document ID: chunk:federal_register_of_legislation:C2004A00998:clause:1_198jf
Version: federal_register_of_legislation:C2004A00998
Segment Type: clause
Provision Reference: sch 1 cl 198JF
Character Range: 9482–10872

198JF  Disposal of assets in 5 year period—profoundly disabled children

Application

 (1) This section also 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:
 (a) the sum of the amount of the relevant disposal and the amounts of any previous disposals during the rolling period by a person of any of the disabled child's assets;
less
 (b) the sum of any amounts included in the value of the disabled child's assets during the rolling period under section 198JE or any previous application or applications of this section;
exceeds $30,000, then, for the purposes of this Act, an amount equal to the excess 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.

Rolling period

 (4) For the purposes of this section, the rolling period is the period comprising the income year in which the relevant disposal took place and such (if any) of the 4 previous income years as occurred after 30 June 2002.