Disposal preclusion period—disposals before 1 July 2002
93U Disposal preclusion period—disposals before 1 July 2002
This section applies only to disposals of assets that took place before 1 July 2002.
For the purposes of this Part, if:
either:
a person has, during a designated year of the person, disposed of an asset of the person; or
the partner of a person has, during a designated year of the person, disposed of an asset of the partner; 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 and/or the person’s partner during that designated year, exceeds $10,000;
the person is subject to a disposal preclusion period throughout the period of 5 years that starts on the day on which the disposition referred to in paragraph (a) took place.
Designated year is defined by subsection (3).
For the purposes of this Part, if:
a person ceases to be a member of a couple (whether because of the death of the person’s partner or for any other reason); and
immediately before the cessation, the person was subject to a particular disposal preclusion period that arose wholly because the person’s partner disposed of a particular asset; and
if that disposition had been disregarded, the person would not have been subject to that disposal preclusion period;
then, despite subsection (1), that disposal preclusion period ends at the cessation.
For the purposes of this section, a designated year of a person is:
the 12‑month period ending on the day the person qualified for age pension; and
each preceding 12‑month period; and
each succeeding 12‑month period.
This section applies to a disposal even if the disposal took place before the commencement of this section.
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