14
CurrentPerson’s ordinary income reduced using financial asset rules
Volume 4Schedules, Endnotes
Schedule 5Savings and transitional provisions
Part 2Aged care accommodation bonds: certain transactions before 6 November 1997
14 Person’s ordinary income reduced using financial asset rules
(1)
For the purposes of this clause, assume that the person’s exempt bond amount (see clause 16) were a financial asset of the person.
(2)
The person’s ordinary income for a year is reduced by the amount of ordinary income taken to be received on the asset for the year, as worked out under Division 3 of Part IIIB of this Act (Deemed income from financial assets).
(3)
In working out that reduction, assume that the total value of the person’s financial assets exceeded the person’s deeming threshold (deeming threshold is a term used in that Division).
This Act’s bill:Second reading speech
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