Policy

This section contains descriptions and definitions of the different assessment categories of [glossary:income stream:406].

Last amended: 13 April 2011

Income rates and definitions

There are several methods of assessing income for [glossary:service pension:245] and [glossary:income support supplement:118], depending on whether income is earned at a constant rate, irregular rate or as a lump sum.    

Last amended: 10 June 2011

This section contains information on determining attribution percentages from 1 January 2002 for individuals who control private trusts or private companies. It also contains information on derivation and attribution periods.

This section contains information on the resignation of an attributable stakeholder from a controlled private trust or controlled private company both before and after 1 January 2002.

Controller of an entity who surrenders control between 01/01/2002 and 31/03/2002

If a pensioner who is a controller of a private trust or private company wishes to surrender [glossary:control:461] of the trust or company, they may do so prior to 1 April 2002 and have any possible deprivation assessed under the rules in force prior to 1 January 2002. This concession was announced by the Government on 20 December 2001.

This section contains information on the treatment of liabilities of [glossary:controlled private trusts:86] and [glossary:controlled private companies:72]. It discusses how to determine a genuine liability and the method of apportioning an entity's liability.

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].

Last amended: 20 September 2009

Definition of earnings

This section provides information on assessing the income and assets from trusts not covered under the new 01/01/2002 private trusts and private companies' rules.