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Base Amount Payment Splits - Defined Benefit Income Streams
Calculating the asset value
Defined benefit income streams are not included in a person's assessable assets.
Income test assessment
This table shows how to calculate the assessable income from the income stream.
Step | Action |
1 | Any income paid between the operative time and the date of the first splittable payment is an exempt lump sum. Any amount paid out of the first splittable payment is also an exempt lump sum. Any income stream payments after the first splittable payment are assessable income. |
2 | All required information for the primary and secondary Family Law Affect (FLA) income streams is calculated by the income stream provider. The assessable income is the gross income less the deductible amount. |
Other types of income streams
For Asset-test Exempt Income Streams, Allocated or Account-based Income Streams, Asset-tested Long Term Income Streams or Lifetime Income Streams, see the relevant pages under 10.5.6 Family Law Affected Income Streams.
According to section 5J of the VEA, a deductible amount, in relation to an income stream, means the sum of the amounts that are the tax free component, worked out under the tax law, of the payments received from the DBIS.