This section contains the general provisions on superannuation and describes its structure.
It also contains information about the types of superannuation schemes, [glossary:eligible termination payments:521] and [glossary:roll-over:413] funds.
Last amended: 3 September 2013
These factors are used in determining the minimum and maximum payment limits for allocated income streams which are now commonly referred to as account based income streams. The relevant payment factor depends on the [glossary:commencement day:334] of the [glossary:income stream:406].
Commencement day | Table |
A [glossary:life interest:115] is an [glossary:exempt asset:573] unless included in one of the exceptions (under paragraph 52(1) (c) of the VEA). A life interest does not form part of a trust. A life interest that is granted to a person under a will that also establishes a [glossary:testamentary trust:506] is not an asset of the testamentary trust but rather is an asset of the person to whom the life interest is granted.
Last amended: 9 December 2008
The United Kingdom, Canada and New Zealand have made a one-off compensation payment to prisoners of war of the Japanese. This amount is an exempt lump sum for income test purposes, but if for example, invested or retained as cash, is treated as a financial asset and deemed.
A [glossary:defined benefit income stream:96] is an income stream that:
If a person and/or their partner are beneficiaries of a [glossary:discretionary trust:139], no part of the value of the trust's [glossary:assets:296] is assessable, until the [glossary:trustee:496] makes a distribution from the capital of the trust. This is because there is no way of apportioning a share of the assets of the trust to any particular beneficiary until the trustee has exercised their discretionary powers. When the assets of the trust are distributed to its beneficiaries, the amount received is an asset if it is not otherwise exempt.
This section contains information on income that is exempt from assessment.
This section contains information on the general guidelines for the attribution of income and assets of private trusts and private companies from 1 January 2002.
