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10.5.4 Income and Assets Assessment of Income Streams
In this section
According to section 5H of the VEA income is:
- an amount earned, derived or received by a person for the person's own use or benefit;
- a periodical payment by way of gift or allowance; or
- a periodical benefit by way of gift or allowance.
An asset means any property, including property outside Australia.
According to section 5J(1) of the VEA, an income stream includes:
- an income stream arising under arrangements that are regulated by the Superannuation Industry (Supervision) Act 1993; or
- an income stream arising under a public sector scheme (within the meaning of that Act); or
- an income stream arising under a retirement savings account; or
- an income stream provided by a life insurance business (within the meaning of the Life Insurance Act 1995); or
- an income stream provided by a friendly society (within the meaning of the Income Tax Assessment Act 1996); or
- an income stream designated in writing by the Commission for the purposes of this definition, having regard to the guidelines determined under subsection 5J(1F) of the VEA;
- but does not include any of the following:
- available money;
- deposit money;
- a managed investment;
- a listed security;
- a loan that has not been repaid in full;
- an unlisted public security; or
- gold, silver or platinum bullion.