Document ID: chunk:federal_register_of_legislation:C2024C00866:section:118zza:p4
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 118ZZA (pt 4/4)
Character Range: 1568762–1571227

the total value of all of the person's long‑term financial assets (see point 118ZZA‑12) at the test time.
           Step 2. Work out under section 46D the amount of ordinary income the person would be taken to receive per year on his or her financial assets:

                (a) on the assumption that the only financial assets of the person were the financial assets referred to in step 1; and
                (b) on the assumption that the total value of the person's financial assets were the amount at step 1.

           Step 3. The result at step 2 is the person's deemed income amount.
 118ZZA‑10B  This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 118ZZA‑12) at the test time.
           Step 2. If, at the test time, the person's partner has reached the minimum age mentioned in section 301‑10 of the Income Tax Assessment Act 1997, work out the total value of all of the person's partner's long‑term financial assets (see point 118ZZA‑12) at the test time.
           Step 3. Work out under section 46E the amount of ordinary income the couple would be taken to receive per year on their financial assets:

                (a) on the assumption that the only financial assets of the person and the person's partner were the financial assets referred to in steps 1 and 2; and
                (b) on the assumption that the total value of the couple's financial assets were the sum of the amounts at steps 1 and 2.

           Step 4. Divide the amount at step 3 by 2: the result is the person's deemed income amount.

Seniors health card income limit
        118ZZA‑11  A person's seniors health card income limit is worked out using the Seniors Health Card Income Limit Table. Work out which family situation in the table applies to the person. The person's seniors health card income limit is the corresponding amount in column 3 plus an additional corresponding amount in column 4 for each dependent child of the person.

Seniors Health Card Income Limit Table
Column 1                                Column 2                            Column 3         Column 4
Item                                    Person's family situation           Amount per year  Additional dependent child
                                                                                             Amount per year