Document ID: chunk:federal_register_of_legislation:C2025C00162:section:8:p1
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 8 (pt 1/15)
Character Range: 77816–80475

8  Income test definitions
 (1) In this Act, unless the contrary intention appears:
approved exchange trading system has the meaning given by subsection (10).
approved scholarship means a scholarship in relation to which a determination under section 24A is in force.
available money, in relation to a person, means money that:
 (a) is held by or on behalf of the person; and
 (b) is not deposit money of the person; and
 (c) is not the subject of a loan made by the person.
deposit money, in relation to a person, means the person's money that is deposited in an account with a financial institution.
disposes of ordinary income has the meaning given by sections 1106 to 1111.
domestic payment has the meaning given by subsection (3).
earned, derived or received has the meaning given by subsection (2).
employment income, in relation to a person, means ordinary income of the person that comprises employment income under subsection (1A) and includes ordinary income that is characterised as employment income of the person because of the operation of subsection (1B).
exchange trading system has the meaning given by subsection (9).
exempt lump sum has the meaning given by subsection (11).
home equity conversion agreement, in relation to a person, means an agreement under which the repayment of an amount paid to or on behalf of the person, or the person's partner, is secured by a mortgage of the principal home of the person or the person's partner.
Note 1: See also subsection (7).
Note 2: A pension loans scheme advance payment (within the meaning of Division 4 of Part 3.12) is an example of a payment under a home equity conversion agreement.
income, in relation to a person, means:
 (a) an income amount earned, derived or received by the person for the person's own use or benefit; or
 (b) a periodical payment by way of gift or allowance; or
 (c) a periodical benefit by way of gift or allowance;
but does not include an amount that is excluded under subsection (4), (5) or (8).
Note 1: See also sections 1074 and 1075 (business income), Division 1B of Part 3.10 (income from financial assets (including income streams (short term) and certain income streams (long term)), Division 1C of Part 3.10 (income from income streams not covered by Division 1B of Part 3.10), section 1099F (exempt bond amount does not count as income) and section 1099K (refunded amount does not count as income).
Note 2: Where a person or a person's partner has disposed of income, the person's income may be taken to include the amount which has been disposed of—see sections 1106‑1112.
Note 3: Income is equivalent to ordinary income plus maintenance income.
income