Disposal of assets in income year—sole care children
198JE Disposal of assets in income year—sole care children
Application
This section has effect in determining whether a person who has been receiving a carer payment for caring for a care receiver who is a sole care child 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 a person of one or more of the child’s assets.
Increase in value of child’s assets
If the amount of the relevant disposal, or the sum of that amount and the amounts (if any) of other disposals of the child’s assets previously made by a person during the income year in which the relevant disposal took place, exceeds $10,000, then, for the purposes of this Act, the lesser of the following amounts is to be included in the value of the child’s assets for the period of 5 years starting on the day on which the relevant disposal took place:
the amount of the relevant disposal;
the amount by which the sum of the amount of the relevant disposal, and the amounts (if any) of other disposals of the child’s assets previously made during the income year in which the relevant disposal took place, exceeds $10,000.
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