Policy

Last amended: 10 June 2011

Last amended: 21 September 2009

Allowances paid by employers

Payment of an allowance from an employer for reimbursement of work-related expenses is an allowable reduction in a pensioner's income and is not included in the assessment of their assessable income. This includes, for example, allowances paid:

Last amended: 4 February 2010

This topic provides information on the following items that are common to both [glossary:sole traders:700] and [glossary:partnerships:513].

•       issues which affect [glossary:income:31], and
•       value of trading stock on hand.

Items which are income for assessment purposes

The two main types of superannuation funds

The following table shows the differences in treatment of contributions and benefits between the two main types of [glossary:superannuation funds:257].

Discretionary trust established before 7.30pm 9 May 2000

If assets have been transferred to a [glossary:discretionary trust:139] before 7.30pm 9 May 2000, attribution among the [glossary:attributable stakeholders:615] of the trust should be determined according to the degree of [glossary:control:461] capable of being exercised in the trust by the stakeholder(s).    

This chapter contains information on the [glossary:accumulation phase:138] of superannuation, including outlines of the various types of superannuation structures.

It also covers the assessment of income from withdrawals of superannuation benefits.

For further information on 'superannuation' please use the links below in the section on 'See Also'.

Primary production aggregation assessment for private companies

If a person has an interest in a primary production activity that is an assessable asset, the aggregation rules of the VEA must be applied to provide the most favourable result for the person.

This means that if the person has an interest in one or more business structures that are involved in primary production, not only the assets but also the related liabilities need to be brought into account, even if this means an artificial approach to picking up the related liabilities.