Policy

This chapter contains information on assessing the [glossary:income:31] and [glossary:assets:296] of various business structures and trusts.

See Also

Intention of Work Bonus

The [glossary:Work Bonus:676] was introduced on 20 September 2009 and replaces the former Pension Bonus Scheme, as a scheme to encourage and reward older Australians who remain in the paid workforce past their normal retirement age. In addition to an age requirement, the income must be received by the person in an employee capacity or generated as gainful work income such as as business earnings from self-employment that meet the personal exertion test.

Last amended: 9 October 2006

Last amended: 10 March 2011

Self managed superannuation funds

The Superannuation Industry (Supervision) Act 1993 defines a self managed superannuation fund (SMSF) as a [glossary:superannuation fund:257] meeting the following criteria:

Last amended: 10 August 2012

Assessing the principal home

Last amended: 13 May 2008

How to use life expectancy tables

The following table shows how to select and use the appropriate [glossary:life expectancy:348] table in the assessment of an [glossary:income stream:406].

This section contains the [glossary:life expectancy:348] tables, used to determine the [glossary:relevant number:128] for [glossary:income streams:406]. Life expectancy tables for income streams commencing prior to 1 July 1983 are displayed in PIPS. It also contains a table of [glossary:pension valuation factors:587] for [glossary:defined benefit income streams:96] as well as general provisions for pension valuation factors.

Last amended: 29 April 2009

Assessment of deceased estates

Generally, the beneficiary of a will does not automatically obtain an interest in any [glossary:asset:296] forming part of the deceased estate. In the majority of cases, the beneficiary will only obtain an interest in assets in a deceased estate as a result of the administration of the estate, usually by the executor.

If a person notifies [glossary:DVA:306] that they may have an interest in a deceased estate the decision maker should obtain the following information from the person:

This topic provides a summary of assessable [glossary:assets:296] for pensions that relate to [glossary:partnerships:513] only.