Section 5 of the MRCA defines a medical practitioner as "...a person registered or licensed as a medical practitioner under a law of a State or Territory that provides for the registrations or licensing of medical practitioners." This does not necessarily preclude the use of psychologists for the purposes of assessing permanent impairment.
This table shows how to calculate the asset value of Asset-tested Lifetime Income Streams where the superannuation agreement or court order specifies a base payment amount, 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 Allocated (Account-based) and Market Linked Income Streams or Long Term Income Streams, see the relevant pages under 10.5.6 Family Law Affected Income Streams.
For Asset-test Exempt Income Streams, Defined Benefit Income Streams, Asset Tested Long Term Income Streams, Allocated (Account-based) or Market Linked Income Streams, see the relevant pages under 10.5.6 Family Law Affected Income Streams.
This table shows how to calculate the asset value of a Lifetime Income Stream where the superannuation agreement or court order specifies that payments from the original Family Law Affected (FLA) income stream, owned by the member, are to be split with the former partner (non‑member) on a percentage basis.
Gainful work is work for financial gain or reward (other than as an employee), where the work involves personal exertion (also termed active participation) on the part of the person concerned. The work may be carried on within or outside Australia.
The Work Bonus will not apply to any income associated with a return on financial investments or real estate investments, or for work of a domestic nature in the person’s own home.
Examples of gainful work may include:
Section 46AB VEA – Meaning of employment income
[glossary:Employment income:135] is income earned, received or derived from remunerative work as an employee, in an employer/employee relationship. Income from self-employment as a Sole Trader business, or other forms of business income, is not employment income but may be defined as gainful work income for the work bonus. See gainful work income.
· The person’s employment income for the period
· The person’s gainful work income for the period.
Meaning of work bonus income
Work bonus income is the sum of:-
· The person’s employment income for the period
· The person’s gainful work income for the period.
These terms are explained below.
Meaning of work bonus income
Work bonus income is the sum of:-
· The person’s employment income for the period
· The person’s gainful work income for the period.
These terms are explained below.
The following explains how asset-tested lifetime income streams are assessed under the income test and the assets test, and explains the additional rules pertaining to high surrender values or death benefits.
Note: grandfathering provisions are applied to lifetime income streams purchased before 1 July 2019, which are assessed as asset-tested income streams (long term) and could be asset-test exempt if purchased before 20 September 2007.
