Extended deeming

Extended deeming is the application of the deemed income rules to all types of financial assets, effective from I July 1996.

Prior to this date, the many different and complex rules for calculating income from financial assets caused concern and confusion for retirees. From I July 1996 the deemed income rules were extended to all financial assets, simplifying the way income is assessed on those assets. Deeming rates are specified under section 46H of the VEA.