Last amended: 10 March 2011
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
Certain assets to be disregarded relating to the Principal Home
Last amended: 13 May 2008
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].
|
Step |
Action |
|
1 |
Determine the [glossary:commencement day:334] of the income stream to be assessed and ensure that the correct table is used. |
This section contains information on income from other sources.
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
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.
The following table summarises the assessment of income from [glossary:discretionary:139] and [glossary:non-discretionary trusts:512]. Assessable income from only one or the other kind of trust is covered elsewhere in this section.
|
Assessable Income |
Description |
|
Trust profit |
The trust's profit is not assessed. Only income paid to the person and deeming are assessed. |
A loan or debt that is [glossary:legally irrecoverable:157] is a [glossary:disregarded asset:654], because it has no value.
A loan or debt is [glossary:legally irrecoverable:157] solely if it has not been repaid in full or in part according to the terms of the loan agreement and within the time frame specified in the statute of limitations of the relevant State. A loan or debt is not legally irrecoverable solely because there is no documentation of the loan or debt agreement.
