When a pensioner requests a reassessment of an entity's circumstances s/he must show just cause as to why this should occur. The following outlines a number of circumstances that may warrant a reassessment. However, this is not a definitive list. Each case will need to be examined on its merits.
Some of the circumstances that may warrant a reassessment are:
If a sole [glossary:attributable stakeholder:615], or [glossary:members of a couple:84] who are the only attributable stakeholders, make a capital injection into a structure in the form of a gift, that gift will not be subject to the disposal or [glossary:deprivation provisions:221] but must be included in the value of the structure. This is because a sole attributable stakeholder, or members of a couple who are the only attributable stakeholders, cannot gift to themselves.
Liabilities can include loans that have been made to a trust or [glossary:company:602] or debts owed by a trust or company. Loans can be from controllers, [glossary:associates:491] or a third party. Loans can also have been made by another trust or company or debts can be owed by the [glossary:entity:168] to another trust or company.
The assessment of income received by a person from a [glossary:company:602] is based on the type and current rate of [glossary:income:31], if any. Income currently maintained should cease to be assessed, if:
In this case the shareholders effectively no longer have access to the income.
A trust is a [glossary:controlled private trust:86] in relation to an individual if:
When deciding whether an individual passes the [glossary:control:461] or source tests reference must be had to the [glossary:associates:491] of the individual.
The primary purpose of a superannuation scheme is to provide its beneficiaries with financial resources and other benefits during their retirement.
Last amended: 18 August 2014
In the assessment of non-farm income for the Farmers' Income Test, deemed income was not calculated on financial assets. Income from financial assets was assessed using the actual income amount received, as disclosed on the income tax return.
