Policy

Amendment History

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Last amended: 27 May 2011

Discretionary spending

Assessment of private annuities

[glossary:Private annuities:404] do not satisfy the definition of an [glossary:income stream:406] as they do not meet the requirements for prudential regulation. [glossary:Private annuities:404] are an assessable [glossary:asset:296]. Each private annuity is a unique contract that must be assessed on its particular merits and an actuarial value is required in all cases.   

Last amended: 13 May 2016

Background of primary production concession

This section contains information on the assessment of personal assets and investments.

Assessment for overseas annuities

Overseas annuities do not satisfy the definition of an [glossary:income stream:406] as they do not meet the requirements for prudential regulation. Overseas annuities are assessed under the [glossary:ordinary income:533] and assets test.

Last amended: 10 June 2011

Last amended: 21 September 2009

Allowances paid by employers

Payment of an allowance from an employer for reimbursement of work-related expenses is an allowable reduction in a pensioner's income and is not included in the assessment of their assessable income. This includes, for example, allowances paid: