Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5h:p2
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5H (pt 2/13)
Character Range: 64572–67215

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 Subdivision E of Division 11 of Part IIIB) 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 46B and 46C (business income), Division 3 of Part IIIB (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 4 of Part IIIB (income from income streams not covered by Division 3 of Part IIIB).
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 48–48E.
Note 3: Amounts of maintenance income are not excluded amounts.
income amount means:
 (a) valuable consideration; or
 (b) personal earnings; or
 (c) moneys; or
 (d) profits;
(whether of a capital nature or not).
instalment of parental leave pay means an instalment of parental leave pay under the Paid Parental Leave Act 2010.
ordinary income means income that is not maintenance income or an exempt lump sum.
Note 1: For maintenance income see section 5K. For exempt lump sum, see subsections (12) and (12A).
Note 2: The receipt of periodic compensation payments may result in reduction of the person's rate of service pension, income support supplement or veteran payment under Part IIIC. If this happens, the payments are not treated as ordinary income (see section 59X).
Note 3: For provisions affecting the amount of a person's ordinary income see sections 46 and 46A (ordinary income concept), sections 46B and 46C (business income), Division 3 of Part IIIB (income from financial assets (including income streams (short term) and certain income streams (long term)) and Division 4 of Part IIIB (income from income streams not covered by Division 3 of Part IIIB).

Earned, derived or received
 (2) A reference in this Act to an income amount earned, derived or received is a reference to:
 (a) an income amount earned, derived or received by any means; and
 (b) an income amount earned, derived