Policy

VEA

Asset-tested income streams (long term)

An [glossary:asset-tested income stream (long term):212] is an [glossary:income stream:406] that:

Last amended: 7 November 2007

Assessing failed loans

The assessable asset value of an existing loan is the amount still owed to the person but does not include any interest payable on the loan. This applies whether or not the loan is performing to the terms of the loan agreement.

Loans may be secured against assets such as property. The value of the asset the loan is secured against does not affect the asset value of the loan.

If a failed loan still exists, the loan can be:

    Legislation

This chapter contains information about payments received for maintenance of the person or the child of the person.    

The current gross rate of an overseas war pension is treated as ordinary income for DVA purposes. However, the payments will be excluded from the income test where they:

• fail to meet the VEA definition of income, by not being available for the person's own use or benefit;     
  VEA →

   

  Income test definitions

Last amended: 13 August 2013

Release of benefits

The [glossary:superannuation law:36] allows release of preserved [glossary:superannuation benefit:455] when the person has reached [glossary:preservation age:534] and the person either:

This table shows how to calculate the asset value of Allocated (Account-based) or Market Linked income streams where the superannuation agreement or court order specifies a base payment split, rather than a percentage, from the original Family Law Affected income stream owned by the member.

For Asset-test Exempt Income Streams, Defined Benefit Income Streams, Asset-tested Long Term Income Streams or Lifetime Income Streams, see the relevant pages under 10.5.6 Family Law Affected Income Streams.

Last amended: 25 November 2008

Refreshing the annual rate

The updated earnings information provided at the end of the review period will allow the annual rate of [glossary:income:31], and accordingly pension [glossary:payability:386], to be reassessed. The refreshed rate of earnings is then held for the following review period, or until a further event (such as a pensioner's notification of an earnings change) is received.

Assessment of income from a court-ordered (statutory) trust

The following describes the assessment of income for court-ordered (statutory) trusts.

Court-ordered (statutory) trusts were not generally assessable under the trusts and companies rules until lthe Disallowable Instrument was remade on 18 May 2005.

From this date the private trusts and companies rules apply to court-ordered (statutory) trusts.

Last amended: 22 June 2006

Income from earnings is assessed as an annual rate