VEA ? [2]
Under the VEA [5], the Minister for Veterans' Affairs is the only person with the power to exempt:
from the deeming provisions. Requests for exemption should be forwarded to the Investment Data Base Unit in Sydney, and recommendations are then made to the Minister.
If the Minister grants an exemption, any return produced by the financial investment is assessed, even if the rate of return is greater than the applicable deeming rates. The asset value of a financial investment exempted from the deemed income rules will continue to be assessed under the assets test.
More ? [6]
In keeping with the policy intent of deeming, exemptions are granted only if the:
The poor performance of an accessible investment is insufficient grounds for exemption from the deemed income rules. If there are alternative options such as redemption and reinvestment of funds, exemptions will not be granted.
The Deeming Exemptions Register contains details of all exemptions. The register also contains information on the asset value to be used for investments with companies and financial institutions in financial difficulty.
More ? [7]
Veterans' Entitlements Act 1986.
According to section 5J of the VEA, a financial investment means:
but does not include an investment in an FHSA (within the meaning of the First Home Saver Accounts Act 2008) or a designated NDIS amount.
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16069%23comment-form
[2] https://clik.dva.gov.au/book/export/html/16069#tgt-cspol_part9_ftn461
[3] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[4] https://clik.dva.gov.au/book/export/html/16069#ref-cspol_part9_ftn461
[5] https://clik.dva.gov.au/%23
[6] https://clik.dva.gov.au/book/export/html/16069#tgt-cspol_part9_ftn462
[7] https://clik.dva.gov.au/book/export/html/16069#tgt-cspol_part9_ftn463
[8] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/91-income-and-assets-test-principles
[9] https://clik.dva.gov.au/book/export/html/16069#ref-cspol_part9_ftn462
[10] https://clik.dva.gov.au/compensation-and-support-reference-library/deeming-exemptions-register/overview
[11] https://clik.dva.gov.au/book/export/html/16069#ref-cspol_part9_ftn463