1099G
In forcePerson’s ordinary income reduced using financial asset rules
Volume 3Chapter 2AA, Part 2AA.1 to Chapter 3, Part 3.12 (sections 1061ZVAA to 1157)
Chapter 3General provisions relating to payability and rates
Part 3.10General provisions relating to the ordinary income test
Division 1DAged care accommodation bonds: certain transactions before 6 November 1997
1099G Person’s ordinary income reduced using financial asset rules
(1)
For the purposes of this section, assume that the person’s exempt bond amount (see section 1099H) were a financial asset of the person.
(2)
The person’s ordinary income for a year is reduced by the amount of ordinary income taken to be received on the asset for the year, as worked out under Division 1B (income from financial assets (including income streams (short term) and certain income streams (long term)).
(3)
In working out that reduction, assume that the total value of the person’s financial assets exceeded the person’s deeming threshold (deeming threshold is a term used in Division 1B).
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