Document ID: chunk:federal_register_of_legislation:C2004A04993:body:0:p40
Version: federal_register_of_legislation:C2004A04993
Segment Type: other
Provision Reference: 
Character Range: 101262–103922

event see subsection (6).
Note 2: For taxable income see subsection 1698B(1).
Note 3: For income ceiling see subsection 198A(1).
     Note 4: The effect of subsection (4) is that the person caring for the person mentioned in the subsection will cease to be qualified for carer pension because the person mentioned in the subsection will not pass the income test under subsection 198A(1).

Change to appropriate tax year because of effect of notifiable event on taxable income for later tax year

"(5) For the purposes of section 198A, if:

    (a) a notifiable event occurs in relation to a care receiver; and

    (b) the care receiver's taxable income for the tax year in which the notifiable event occurs (the event tax year) does not exceed the income ceiling; and

    (c) the care receiver's taxable income for the tax year that follows the event tax year is likely to exceed the income ceiling;

the appropriate tax year is the year that follows the event tax year.

Note 1: For notifiable event see subsection (6).
Note 2: For taxable income see subsection 198B(1).

Definitions

"(6) For the purposes of this section:

SCHEDULE 10—continued

    (a) the base tax year for a carer pension payday is the tax year that ended on 30 June in the calendar year immediately before the calendar year in which the carer pension payday falls; and

    (b) a notifiable event is an event or change of circumstances that:

(i) is specified in a notice under subsection 222(1A); and

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

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

Assets test

Passing the assets test

"198D.(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—any assets of the partner;

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

Note: The amount specified in subsection (1) is indexed on each 1 January (see sections 1190 and 1191).

Determination of initial assets limit

"(2) If the Secretary makes a determination specifying an amount more than $376,750 for the purposes of subsection (1), that subsection has effect from its commencement as if it specified the larger amount.

Limit on determination

"(3) The Secretary must not make a determination specifying an amount more than the amount taken to be specified