Last amended: 25 November 2008
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.
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
The current net income from real estate is treated as income for DVA purposes.
Last amended: 9 October 2006
[glossary:Income:31] and [glossary:assets:296] are assessed differently for business structures, depending on the nature of the business structure. The three main categories of business structure are:
This table shows how to calculate the asset value of an Asset-tested Long Term Income Stream where the superannuation agreement or court order specifies that payments from the original Family Law Affected income stream owned by the member are to be a split with the former partner (non-member) on a percentage basis.
For Asset-test Exempt Income Streams, Allocated or Account-based Income Streams, Defined Benefit Income Streams or Lifetime Income Streams, see the relevant pages under 10.5.6 Family Law Affected Income Streams.
Certain amounts taken to be received over 12 months
Section 46A VEA
Disposal of assets by a company or trust
Section 52ZZW VEA
Constructive transfers of property or services to an entity
Section 52ZV VEA
Last amended: 13 May 2008
Regardless of whether an income stream is a 100% [glossary:asset test exempt income stream:236] or a [glossary:defined benefit income stream:96], no asset value is held in the assessment.
