Disposal of assets in pension years—individuals
1125 Disposal of assets in pension years—individuals
If, on or after 1 March 1986 and before 1 July 2002:
a person who is not a member of a couple has, during a pension year of the person, disposed of an asset of the person; and
the amount of that disposition, or the sum of that amount and of the amounts (if any) of other dispositions of assets previously made by the person during that pension year, exceeds the disposal limit;
then, for the purposes of this Act, there is to be included in the value of the person’s assets for the period of 5 years that starts on the day on which the disposition takes place:
the amount by which the sum of the amount of the first‑mentioned disposition of assets, and of the amounts (if any) of other dispositions of assets previously made by the person during that pension year, exceeds the disposal limit; or
the amount of the first‑mentioned disposition;
whichever is the lesser amount.
For disposes of assets see section 1123.
For amount of disposition see section 1124.
In this section:
disposal limit means:
in relation to assets disposed of on or after 1 March 1986 and before 1 March 1991—$2,000; and
in relation to assets disposed of on or after 1 March 1991—$10,000.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.