Policy

Last amended: 27 August 2008

Variable earnings

Variable earnings include:

This section contains information on the treatment of the disposal of the [glossary:assets:296] and [glossary:income:31] of an individual to a controlled private company or controlled private trust and the disposal of the assets and income of a controlled private trust or controlled private company by an [glossary:attributable stakeholder:615].    

Asset-test exempt income streams

Professional valuations provided by the person

A person is not expected to obtain professional valuations for any asset. If a person provides a written valuation this can be used to determine market value if the valuation:

This table shows how to calculate the asset value of an Asset-test Exempt Income Stream 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 Allocated or Account-based 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: 18 June 2010

Last amended: 11 February 2003

Last amended: 5 September 2012

Retained profits

If the [glossary:entity:168] retains a portion of the profits, the portion retained by the entity (subject to the percentage of the entity attributed to the stakeholder) is to be added to the actual amount received by the attributable stakeholder and deducted from the attributable amount. The balance is treated as a gift by the attributable stakeholder. Retained profits from previous years' trading paid to attributable stakeholders (only) are disregarded when assessing the income of the attributable stakeholder.