Policy

This section contains information on the general guidelines for the attribution of income and assets of private trusts and private companies from 1 January 2002.

Last amended: 13 May 2008

Protective trust definition

A protective trust is a trust established for a person who is unable to manage their own affairs.

Fixed protective trust established before 9 May 2000

If the trust is a fixed trust established before 9 May 2000, attribution should be determined according to an assessment of the trust assets or income, or both, under provisions outlined in the trust deed.

Changes made after 9 May 2000 to a fixed protective trust established before 9 May 2000

However, if after 9 May 2000:

Last amended: 10 March 2011

Closure of fund

Where a self managed superannuation fund (SMSF) or small APRA fund (SAF) is wound up, the income ceases to be paid on the date that the fund is wound up. Any remaining assets in the fund are assessable in the same manner as superannuation from that date.

This chapter contains information on the various [glossary:income streams:406] that affect a pensioner's payments and the assessment of [glossary:income:31] and [glossary:assets:296] from an income stream.

See Also

This chapter contains information on assessing the [glossary:income:31] and [glossary:assets:296] of various business structures and trusts.

See Also

Intention of Work Bonus

The [glossary:Work Bonus:676] was introduced on 20 September 2009 and replaces the former Pension Bonus Scheme, as a scheme to encourage and reward older Australians who remain in the paid workforce past their normal retirement age. In addition to an age requirement, the income must be received by the person in an employee capacity or generated as gainful work income such as as business earnings from self-employment that meet the personal exertion test.