Disposal of assets in 5 year period—individual higher ADAT score adults
198JD Disposal of assets in 5 year period—individual higher ADAT score adults
Application
This section also has effect in determining whether a person (the carer) who has been receiving a carer payment for caring for a care receiver who:
is a higher ADAT score adult; and
is not a member of a couple;
continues to qualify for the payment.
Disposals to which section applies
This section applies to a disposal (the relevant disposal) on or after 1 July 2002 by the care receiver of an asset of the care receiver.
Increase in value of assets of higher ADAT score adult
If:
the sum of the amount of the relevant disposal and the amounts of any previous disposals during the rolling period by the care receiver of assets of the care receiver;
less
the sum of any amounts included in the value of the care receiver’s assets during the rolling period under section 198JC or any previous application or applications of this section;
exceeds $30,000, then, for the purposes of this Act, an amount equal to the excess is to be included in the value of the care receiver’s assets for the period of 5 years starting on the day on which the relevant disposal took place.
Rolling period
For the purposes of this section, the rolling period is the period comprising the income year in which the relevant disposal took place and such (if any) of the 4 previous income years as occurred after 30 June 2002.
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