Document ID: chunk:federal_register_of_legislation:C2025C00162:section:93u
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 93U
Character Range: 472960–474752

93U  Disposal preclusion period—disposals before 1 July 2002
 (1A) This section applies only to disposals of assets that took place before 1 July 2002.
 (1) For the purposes of this Part, if:
 (a) either:
 (i) a person has, during a designated year of the person, disposed of an asset of the person; or
 (ii) the partner of a person has, during a designated year of the person, disposed of an asset of the partner; and
 (b) the amount of that disposition, or the sum of that amount and of the amounts (if any) of other dispositions of assets previously made by the person and/or the person's partner during that designated year, exceeds $10,000;
the person is subject to a disposal preclusion period throughout the period of 5 years that starts on the day on which the disposition referred to in paragraph (a) took place.
Note: Designated year is defined by subsection (3).
 (2) For the purposes of this Part, if:
 (a) a person ceases to be a member of a couple (whether because of the death of the person's partner or for any other reason); and
 (b) immediately before the cessation, the person was subject to a particular disposal preclusion period that arose wholly because the person's partner disposed of a particular asset; and
 (c) if that disposition had been disregarded, the person would not have been subject to that disposal preclusion period;
then, despite subsection (1), that disposal preclusion period ends at the cessation.
 (3) For the purposes of this section, a designated year of a person is:
 (a) the 12‑month period ending on the day the person qualified for age pension; and
 (b) each preceding 12‑month period; and
 (c) each succeeding 12‑month period.
 (4) This section applies to a disposal even if the disposal took place before the commencement of this section.