Policy

"The information contained in the Consolidated Library of Information and Knowledge (CLIK) does not replace legislation and any relevant decisions that have been determined by the courts."

VEA

Amendment History

View source documents in TRIM

Last amended: 27 May 2011

Discretionary spending

Assessment of private annuities

[glossary:Private annuities:404] do not satisfy the definition of an [glossary:income stream:406] as they do not meet the requirements for prudential regulation. [glossary:Private annuities:404] are an assessable [glossary:asset:296]. Each private annuity is a unique contract that must be assessed on its particular merits and an actuarial value is required in all cases.   

Last amended: 13 May 2016

Background of primary production concession

This section contains information on the assessment of personal assets and investments.

Assessment for overseas annuities

Overseas annuities do not satisfy the definition of an [glossary:income stream:406] as they do not meet the requirements for prudential regulation. Overseas annuities are assessed under the [glossary:ordinary income:533] and assets test.