Policy

Last amended: 5 September 2012

Retained profits

If the [glossary:entity:168] retains a portion of the profits, the portion retained by the entity (subject to the percentage of the entity attributed to the stakeholder) is to be added to the actual amount received by the attributable stakeholder and deducted from the attributable amount. The balance is treated as a gift by the attributable stakeholder. Retained profits from previous years' trading paid to attributable stakeholders (only) are disregarded when assessing the income of the attributable stakeholder.

Explanation of capitalised maintenance

Capitalised maintenance income is income provided by a:

Principles for assessing superannuation assets

DVA's assessment of a pensioner's superannuation assets depends on:

• whether the superannuation assets are in the [glossary:accumulation phase:138] or [glossary:draw down phase:552], and
• the pensioner's age.

Assessment in the accumulation phase

VEA →

What is a controlled private company?

A [glossary:company:602] is a [glossary:controlled private company:72] in relation to an individual if:

• the company is a [glossary:designated private company:420], and
• the individual passes the private companies [glossary:control test:198], or
• the individual passes the [glossary:source test:186].

When deciding whether an individual passes the [glossary:control:461] or source tests reference must be had to the [glossary:associates:491] of the individual.    

Last amended: 9 December 2008

War widow/widower definition

Under the VEA, the definition of war widow/widower includes a person who is receiving a pension payable under the law of a foreign country, that is similar in character to an Australian war widow's/widower's pension.    

This section contains information on the assessment of [glossary:income:31] and [glossary:assets:296] of [glossary:sole traders:700] and [glossary:partnerships:513].

Last amended: 18 June 2010

Assessment of maintenance

When a pensioner is receiving maintenance, the delegate of the [glossary:Commission:545] must determine:

Last amended: 12 July 2005

Last updated 22 December 2010

Assessable income

The following table summarises the assessable income, and its treatment, for pensioners from a sole trader's business or a [glossary:partnership:513].