This section contains information on the types of assessable income from property.
VEA ? [3]
Payments from a home equity conversion (HEC) agreement are not income. The first $40,000 of a HEC loan is exempt income under subsections 5H(4) and 5H(5) of the VEA, whereas any HEC loan amounts in excess of $40,000 are specifically exempt lump sums under subsection 5H(12) [4] in the VEA.
More ? [5]
A home equity conversion (HEC) agreement is a mechanism which allows a homeowner to convert all or part of the equity locked up in their home into cash or a stream of income. A key feature of a home equity conversion agreement is that the loan (including interest) is generally not repayable until the homeowner moves out or dies.
More ? [6]
HEC agreements should not be confused with the sale leaseback agreements.
More ? [7]
VEA ? [16]
The sale of a property, including the principal home [17], where the purchase price is paid over an agreed period, may be treated as income depending on whether or not the sale creates:
If the sale creates a loan, then the loan will be assessed under the deeming provisions [17].
More ? [19]
If a sale agreement provides for interest to be paid on the outstanding purchase price balance, then the interest payable is treated as ordinary income [17] for DVA [17] purposes.
If a sale agreement does not provide for interest to be paid on the outstanding purchase price balance, then it may be necessary to obtain an actuarial valuation of the payments due.
A pensioner may sell a property with the purchase price being paid over an agreed period. In all cases the repayment of the purchase price of the property is not income for DVA purposes.
However, the face value of amounts that are payable only at a future date must be discounted to work out their present value. If the present value of these payments is less than the current market value of the property sold, the agreement may involve deprivation of assets and a formal valuation may be required.
To decide whether a formal valuation is required, the present value of the total payments due under a sale agreement must be estimated. This is done by multiplying the total payments due by a discount factor. The present value of the total payments due can then be directly compared to the current market value of the property sold, to determine if a formal valuation is required.
More ? [20]
The discount factor will depend upon:
The following formula must be used to calculate the present value of the payments due under a sale agreement:
Where a person sells a property and will receive ... |
and N = the term for repayment in years R = upper deeming rate at the date of agreement (eg. 4.5%), Then the appropriate formula to estimate the discount factor will be ... |
a single payment at a date in the future |
1 - (N x R) + (N x R x (N – 1) x R/2 For example: if the person sells a property and will receive one payment of $100,000 ten years after sale, the following calculation would be determine the discount factor: 1 - (10 x 0.045) + (10 x 0.045 x 9 x 0.0225) = 0.641125 The present value of the total payment due is $100,000 x 0.641125 = $64,115. If the present value of $64,115 is less than then current market value of the property, deprivation of assets may have occurred and a formal valuation is required. |
equal instalments paid over a period in the future |
1 - (N x R/2) + (N x R x (N - 1) x R/4) For example: if the person sells a property and will receive $100,000 in equal payments over ten years, the following calculation would be determine the discount factor: 1 - (10 x 0.0225) + (10 x 0.045 x 9 x 0.01125) = 0.8205625. The present value of the total payments due is $100,000 x 0.8205625 = $82,056. If the present value of $82,056 is less than then current market value of the property, deprivation of assets may have occurred and a formal valuation is required. |
A person may enter into an agreement to sell a property at a certain price if a particular event, such as the rezoning of land takes place. Money may be paid to this person in return for making this commitment.
Although this money may be deducted from the balance of the eventual purchase price [17], the sale is not certain to take place and a contract for sale of land has not been signed.
Therefore, money paid to a person in return for an option to purchase their property at a later date is money received for the person's own use and is income [17] for the purposes of the VEA.
The principal home has the meaning given by subsection 5LA(1) [29] of the VEA and subsection 5LA(2) [29] of the VEA. The principal home of a person is generally the place in which they reside. In certain circumstances, however, the principal home of a person can be the place in which they formerly resided. The following property is regarded as part of the principal home.
In 1990 the government introduced legislative changes called “deeming” to simplify the assessment of cash deposits and income from certain investments. These changes were made:
Deemed income is the minimum rate that the government expects income support pensioners to earn from investments.
Banks created “pensioner accounts” which paid interest at the deeming rate set by the government.
On 1 July 1996 further changes meant the deeming rate was applied to all financial assets as defined in section 5J(1) of the VEA [29].
The ordinary income of a person for a period means, as described in section 46 of VEA [30], the gross ordinary income from all sources for that period without any reduction, other than a reduction of business income.
The Department of Veterans' Affairs.
The purchase price of an income stream is the nominal sum of the paymetns made to purchase the income stream (including amounts paid by way of employer and employee contributions) less any commuted amounts.
Note: In determining the means test assessment of asset-tested income streams (lifetime), the purchase price is not used. Rather, the grossed up purchase amount.
Legislation: Section 5J(1) [29]of the VEA [29]
According to section 5H of the VEA [31] income is:
The current net income from real estate is treated as income for DVA purposes.
Income from real estate includes income from the letting, leasing or rental of a house, shop or land, which is owned or partly owned by the pensioner, or in which they have a life interest. Income earned from renting out a timeshare is treated as assessable income. This is regardless of whether the person owns a fractional share in the property, or purchased a timeshare through entering into a contract which provides them with a right to use the property in a regular basis.
More → [34]If a pensioner is receiving rental income from a property that they do not legally own, then it is the gross income which is assessable. This is because expenses can only be deducted from rental income when the person owns the rental property and therefore has a legal obligation to meet expenses such as rates and utilities provision, as well as maintenance costs associated with earning rental income.
Note: If the pensioner is residing in a care situation, and paying a daily accommodation payment or a daily accommodation contribution, an accommodation charge or an accommodation bond by periodic payment, any rent received from the former home is exempt from the income test.
More → [35]
If a pensioner has a life interest in a property and the property is rented, the pensioner may not have the right to receive the rent. The terms of the bequest must be checked to establish if the pensioner is entitled to receive the rent and whether or not they are required to maintain the property. For example, it is possible that under the terms of the will the person may only be entitled to live in the property.
Generally, taxation procedures are accepted in determining the net income to be assessed for DVA purposes. However, some deductions are allowable for taxation purposes, but not for DVA purposes.
In general, allowable deductions for DVA purposes include expenses such as:
· specific body corporate fees and charges,
· specific interest charges on loans and mortgages,
· specific legal expenses (for example, the costs of evicting a tenant),
· advertising for tenants,
· council rates and land tax,
· insurance (building, contents and public liability),
· property agent’s fees and commissions,
· repairs and maintenance that relate directly to wear and tear on the property as a result of renting it out (for example, replacing broken windows or servicing a heater),
· water, electricity and gas charges (as long as the charges are paid by the landlord and not the tenant),
· pest control, cleaning, gardening and lawn mowing (as long as the expense is incurred by the landlord and not the tenant),
· in house video/audio service charges, and
· costs associated with managing the property (for example, secretarial and book-keeping fees, telephone calls and rental, and tax-related expenses).
Note: The costs must be directly related to securing income from the rental property and relate to the time that the property was available for rent. The pensioner must have actually incurred the expense in order to claim a deduction for that expense from their rental income.
There are very specific taxation rules about allowable deductions which may vary from year to year. Please check the current Rental Properties Guide [37] on the Australian tax office website for clarification.
The following are not allowable deductions for DVA purposes, even though they are allowable deductions for taxation purposes:
· capital allowances (formerly known as capital depreciation),
· capital works deductions (formerly known as special building write off),
· construction costs,
· borrowing costs, such as bank fees and charges or legal fees associated with borrowing, and
· offsetting of losses between rental properties.
If the current net income from real estate is a negative amount, then for DVA purposes the:
· assessable income is nil, and
· losses from one property cannot be offset against income from another property.
Note: Depreciation is an allowable deduction against business income, but is not an allowable deduction against income from real estate unless a person owns a real estate rental business, that is, a business establishing for the purposes of renting out properties.
More → [38]
Mortgage interest payments can be an allowable deduction for tax and DVA purposes even if the mortgage is secured against another property, such as the person’s home. This depends on the loan having been obtained for the purpose of obtaining rental income. This includes a loan for the purpose of purchasing an income producing property. Loans for the purpose of repairs, renovations or the purchase of a depreciating asset for the rented property are also acceptable.
If the purpose of the loan was specifically to purchase a home property, thus freeing up the original 'principal home' to become a rental property, the interest is not an allowable deduction for tax or DVA purposes even if the mortgage is secured in full or part against the rental property. For example, if a pensioner obtains a loan to buy a home property using a rental property as security for the loan. The interest is not an allowable deduction as the expense is not related to getting rental income.
If a pensioner is responsible for expenses on a property, such as rates, taxes, insurance and repairs, or a property in which a pensioner has a life interest [17] is rented out and the pensioner is required under the terms of the will to maintain the property, then the pensioner’s tax return, income tax assessment notice and financial statements detailing actual expenses will provide evidence of the deductions claimed and allowed against the gross rental income for taxation purposes. Supplementary sources of evidence, for example, monthly rent statements may also be considered. However, they must contain sufficient detail to allow a delegate to be satisfied that the deductions are allowable for DVA purposes. If any doubt exists, additional information should be sought.
Rental amounts retained by an agent to cover anticipated future expenses are regarded as part of the pensioner’s gross income from the rental property. This is because these amounts are derived by the pensioner for their own use or benefit. Allowable deductions from this gross amount can then be calculated to determine the pensioner’s net income from the property.
If a tax return, tax assessment notice or financial statements detailing actual expenses are not available, deduction amounts will need to be estimated. For example, if a pensioner has recently purchased a property there will be no tax return available and a pattern of expenses has not yet been established. Similarly, a person’s taxable income may be below taxation thresholds and they may not be required to actually lodge a tax return.
In these cases DVA will allow 1/3 of the gross rental income received as an interim deduction pending confirmation of the actual expenses. This estimate takes into account land tax, rates, insurance, repairs etc, but not mortgage interest payments. An additional deduction for any mortgage interest payments is also allowed.
The pensioner must be requested to provide confirmation of the actual expenses as soon as possible.
Note: If the person provides evidence that expenses are more than 1/3 of the gross amount of rent received, for example if extensive repairs were required to make the property habitable, then the total amount expended can be accepted. Structural alterations or improvements to the property are not an allowable deduction.
If a tax return, tax assessment notice or financial statements detailing actual expenses are available, deduction amounts can be accurately calculated using the actual information provided.
The information provided will detail the deductions claimed and allowed against the gross rental income for taxation purposes. Any items that are not allowable deductions for DVA purposes must be removed when calculating the total allowable deductions to be subtracted from the gross rental income.
If a property is sold and a capital gain is made, the capital gain is not treated as income for DVA purposes. If a capital loss is made, the capital loss cannot be offset against other income amounts.
Individuals who receive income from residential rental properties cannot charge or claim input tax credits on items for the rental property. This means that GST [17] is incurred in earning the rental income are allowable deductions for DVA purposes. For example, it the individual uses a property manager to manage the rental property, the property management fee will include a GST amount. The full management fee (including GST) is an allowable deduction.
The fact that a landlord may have an Australian Business Number (ABN) does not necessarily mean that they are running a business. In some situations, real estate agents have advised landlords to obtain ABNs in case they are needed. Where the rent on the residential property is paid by a company, the landlord may need an ABN to avoid the company withholding part of the rental payment as tax.
If the property is vacant, with no rent or lease monies being received from it, then no income is available to be treated as income for DVA purposes. There is no requirement that a person rent out a vacant property in order to produce income.
More → [39]Where a pensioner’s real estate property is occupied on a rent-free (or low rent) basis by a family member/s [17] for residential purposes only, such an occupancy does not constitute deprived income. However, where a property is occupied by other than a family member/s, or is used for other than residential purposes (including by a family member/s), and the market rate of rent is not received, then deprivation has occurred.
More → [40]Allowable deductions from business income
10.3.2 Allowable deductions for sole traders and partnerships [48]
A life interest arises when a pensioner:
A life interest remains current until the pensioner:
Goods and Services Tax
According to section 5L of the VEA [30]a family member, in relation to a person, means:
Please note, the definition of a parent is further defined in section 10A of the VEA [30].
Last amended: 5 September 2012
VEA ? [55]
The following table shows the percentage of income from different kinds of boarding and lodging situations that is treated as assessable income for DVA [17] purposes. These situations assume that the boarder/lodger is not a family member.
Situation |
Description |
% Treated as Income |
Lodging |
Accommodation only. |
70% |
Bed and breakfast |
Accommodation and breakfast. |
50% |
Board |
Accommodation and meals in addition to breakfast. |
20% |
If there is a mortgage on the home, the mortgage interest payments are an allowable deduction from the assessable income being received from the boarder or lodger.
If the pensioner rents their principal residence, the rent they pay is an allowable deduction from the assessable income being received from the boarder or lodger.
The percentages DVA uses to determine assessable income for the different kinds of boarding and lodging situations are designed to provide an estimation of the costs and expenses likely to be encountered by a pensioner involved in this type of venture. A lower amount of income may be assessed if the pensioner claims that more than the percentage allowed is expended in costs associated with the income derived from the boarder or lodger. Any claim of this nature must be fully investigated before a determination is made. The pensioner must provide full details of costs over and above their normal allowable household expenses [17], directly or indirectly associated with the boarder or lodger.
VEA ? [56]
If a boarder or lodger is the father, mother, son, daughter, brother or sister of the person, the income that is received from the rooms rented is not treated as income for DVA purposes.
More ? [57]
If more than five rooms are let, the:
When the income from rooms constantly varies due to rooms being vacant for periods of time, the net profit on the latest taxation return and assessment notice may be accepted as the pensioner's income for DVA purposes.
Where a near relative pays rent for a second dwelling in a dual occupancy dwelling arrangement, the rent is regarded as being similar in nature to board and lodging received by a family member. The income received from this arrangement is therefore not treated as income for DVA purposes.
More ? [59]
The Department of Veterans' Affairs.
Allowable household expenses are:
Disposal of rental income generally arises where pensioners allow a real estate property (other than the principal home [17]) to be occupied, rent-free or at less than market rent, by tenants (other than family members [17]). The amount of deprivation can be calculated by determining the reasonable rental amount, having regard to the age, location and condition of the property, as well as the property market in the area, that would otherwise be received.
Income disposal arises because the decision of the pensioners to allow rent-free (or below market rent) occupancy of premises that they own is regarded as a course of conduct that diminishes their ordinary income [17], where they receive no (or inadequate) financial consideration for the rent-free or low-rent tenancy.
Deprived rental income is not to be found where a pensioner's real estate property is occupied on a rent-free (or low rent) basis by a family member [17]. Repatriation Commission decision CM5990 of 6 February 2007 determined that disposal of rental income does not arise where the following conditions are satisfied:
Disposal of rental income may arise where a pensioner who is in care or is an aged care resident rents out their former principal home rent-free or at less than market rent to tenants other than family members [17]. This applies unless the special rules that apply to some aged care residents are triggered. The special rules apply where an aged care resident is paying (or there is a liability to pay):
The Commission has the discretion to consider that another person can be regarded as a family member, where there are special reasons for doing so.
It is not necessary that rental income be received, and then no longer received (or reduced), to establish that ordinary income has been diminished and that income disposal has occurred. It is only necessary to find that the pensioner's course of conduct, being the decision not to charge rent, has made the pensioner's income smaller than it might otherwise have been.
The disposed rental amount is determined by obtaining a market rental value (through a qualified valuation service provider) and then comparing this amount with the rent paid (if any) by the tenants of the property. The difference between the market rent, less accepted reductions, and the actual rent received is the deprived rental amount.
Where a rental amount is actually received, that amount may be reduced for income test purposes by recognising the costs and outlays associated with preparing a property for rental. This also applies where a rental amount is not received. The imputed rental income amount is to be reduced by recognising the same allowable deductions that would arise if rent was paid. The disposed income amount is the difference between the market-determined rent (less the allowable deductions) and the actual rent amount received.
More → [71]
Imputed rental amounts may be reduced by any valuable consideration received from the tenants by the pensioners.
What is valuable consideration?
Valuable consideration includes those benefits not provided in money terms, but capable of being measured in money terms. This may include any contribution made by the tenant that increases the asset value of the property.
Costs that are not valuable consideration
The costs of general household maintenance (such as cleaning, mowing etc) are not recognised as valuable consideration, as it is expected that these costs would be met by tenants in any event. Household costs such as rates, taxes, repairs and insurance should not be treated as valuable consideration, as these amounts are already allowed to the pensioner as an offset against the gross market rent.
Example 1: Calculation of rental income where no rent is charged
A pensioner allows his second property to be tenanted, rent-free, by another person (not being a family member). A qualified valuation service provider advises that the market-determined rent for the property is $450 per fortnight. The imputed rental income to be held as disposed income is:
Market rent $450 LESS allowable deductions (one-third of imputed rental income allowed) = $150
LESS any rent received (nil) = disposed income of $300 per fortnight.
Example 2: Calculation of rental income where rent is charged below market value
In the same situation, if the tenant was paying a nominal rent amount of $100 per fortnight, the partial consideration received would be recognised and the disposed income amount will reduce to $200 per fortnight.
It is not a requirement that pensioners seek a tenant for a vacant property, in view of the costs of preparing a property for rental and the lack of certainty regarding eventual occupancy. Disposal of rental income does not arise where a property remains untenanted.
Pension assessments which include an amount for income disposal arising out of rent-free tenancy should be regularly reviewed, to allow for changes in the market-determined rent and changes in the tenant's circumstances to be assessed.
More → [72]The principal home has the meaning given by subsection 5LA(1) [29] of the VEA and subsection 5LA(2) [29] of the VEA. The principal home of a person is generally the place in which they reside. In certain circumstances, however, the principal home of a person can be the place in which they formerly resided. The following property is regarded as part of the principal home.
According to section 5L of the VEA [30]a family member, in relation to a person, means:
Please note, the definition of a parent is further defined in section 10A of the VEA [30].
The ordinary income of a person for a period means, as described in section 46 of VEA [30], the gross ordinary income from all sources for that period without any reduction, other than a reduction of business income.
According to section 5L of the VEA [30]a family member, in relation to a person, means:
Please note, the definition of a parent is further defined in section 10A of the VEA [30].
According to section 5L of the VEA [30]a family member, in relation to a person, means:
Please note, the definition of a parent is further defined in section 10A of the VEA [30].
A payment for accommodation costs worked out by converting the refundable accommodation deposit (RAD) to a daily amount, which is payable as a periodic amount by aged care residents.
A payment for accommodation that accrues daily and is payable as a periodic amount by aged care residents for whom the Government is also making a contribution.
An accommodation charge is an additional daily fee, which is paid by person's residing in ACAT approved permanent High Level Care.
It is paid in addition to the standard resident daily care fee and any additional income tested fee, which may apply.
Accommodation charges are payable for as long as a resident remains in care. For those residents who entered care prior to 1 July 2004 the accommodation charge is limited to a maximum five years.
See Also:
http://clik.dva.gov.au/glossary/acat [79] - defintion of ACAT
http://clik.dva.gov.au/glossary/high-level-care [80] - definition of 'High Level Care'
An accommodation charge only applies to those persons entering an aged care facility prior to 1 July 2014.
An accommodation bond is an amount of money paid by Low Level Care [17] and Extra Service Care [17] residents in an aged care facility. An accommodation bond may be paid as a lump sum, or by periodic payments, or a combination of both lump sum and periodic payments.
The provider can deduct a monthly retention amount, for a maximum of 5 years, from the accommodation bond. The monthly retention amount is a fixed amount specified in the accommodation agreement and cannot exceed the capped maximum amount applicable at the time of entry to the facility. The provider also retains any interest derived from the bond.
The balance of the lump sum accommodation bond is refundable to the resident or their estate on departure. The refunded accommodation bond balance is an assessable asset.
If there is a liability under the accommodation bond agreement for the bond to be paid wholly, or partly by periodic payments and the former principal home is rented out, then both the former home and the rental income are exempt from the income and assets tests.
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[20] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn167
[21] https://clik.dva.gov.au/legislation-library
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[28] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn167
[29] http://clik.dva.gov.au/legislation-library
[30] http://www.comlaw.gov.au/Series/C2004A03268
[31] http://clik/health-procedure-library/health-information-and-management-notes-himn/vhc/072014-vhc-veterans-home-care
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[36] https://clik.dva.gov.au/book/export/html/16429#tgt-VEA_ftn2
[37] https://www.ato.gov.au/Individuals/Tax-return/2015/In-detail/Publications/
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[40] https://clik.dva.gov.au/book/export/html/16429#tgt-More_ftn7
[41] https://www.comlaw.gov.au/Series/C2004A03268
[42] https://clik.dva.gov.au/book/export/html/16429#ref-VEA_ftn1
[43] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/102-assets/1024-assessing-personal-assets-and-investments
[44] https://clik.dva.gov.au/book/export/html/16429#ref-More_ftn3
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[47] https://clik.dva.gov.au/book/export/html/16429#ref-VEA_ftn2
[48] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1032-assessing-income-and-assets-sole-traders-and-partnerships
[49] https://clik.dva.gov.au/book/export/html/16429#ref-More_ftn5
[50] https://clik.dva.gov.au/compensation-and-support-procedure-library/part-10-types-income-and-assets/102-assets
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[56] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn176
[57] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn177
[58] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn178
[59] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn179
[60] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn175
[61] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn176
[62] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn177
[63] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts
[64] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn178
[65] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/92-residential-situation/923-additional-assessment-rules-certain-types-residences/dual-occupancy-situations
[66] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn179
[67] https://clik.dva.gov.au/user/login?destination=node/16493%23comment-form
[68] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn180
[69] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn181
[70] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn182
[71] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn183
[72] https://clik.dva.gov.au/book/export/html/16429#tgt-cspol_part10_ftn184
[73] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn180
[74] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn181
[75] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn182
[76] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/101-ordinary-income/1016-income-property/income-real-estate
[77] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn183
[78] https://clik.dva.gov.au/book/export/html/16429#ref-cspol_part10_ftn184
[79] http://clik.dva.gov.au/glossary/acat
[80] http://clik.dva.gov.au/glossary/high-level-care