Disposal of assets in 5 year period—sole care child
198JF Disposal of assets in 5 year period—sole care child
Application
This section also 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 sum of the amount of the relevant disposal and the amounts of any previous disposals during the rolling period by a person of any of the child’s assets;
less
the sum of any amounts included in the value of the child’s assets during the rolling period under section 198JE 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 child’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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