Free accommodation or board and lodging
The value of free accommodation or free board and lodging provided to a person is not income.
If an employer provides written advice that a deduction from wages for the cost of accommodation or board and lodging provided by the employer is being made, the amount deducted is not considered as income. Any amount received after that deduction is treated as income.
Compensation and insurance payments
Last amended: 27 August 2008
Examples of regular earnings include:
which is continuing, and which provides a regular and relatively unchanging rate of income.
Last amended: 13 May 2008
Jack, a 62 year old [glossary:service pensioner:245], did not notify of the [glossary:deductible amount:468] for his [glossary:income stream:406] prior to 1 July 2007. The income stream commenced prior to 1 July 2007. Because no deductible amount was recorded under the pre 1 July 2007 rules method, Jack is not covered by the saving provision. From 1 July 2007, the new 1 July 2007 rules method will apply.
While the new rules for trusts and companies have largely replaced methods of valuing shares, an acceptable method is still required where:
This section contains information on the treatment of various types of controlled private trusts such as protective, testamentary and fixed (non-discretionary) trusts from 1 January 2002. It also includes information on trusts that are excluded under Part IIIB, Division 11A of the VEA.
Income from [glossary:financial investments:437] including cash, deposits accounts, managed investments, listed securities, loans, unlisted securities, gold, silver, platinum bullion, and asset-tested short term income streams is assessed using the [glossary:deeming provisions:256].
The effect of a trust on a person's payment under the income and assets tests depends on whether they:
A [glossary:company:602] is a [glossary:designated private company:420] if:
Last amended: 20 June 2022
This topic provides information on the following:
Last amended: 29 January 2014
