17C
In forcePerson’s ordinary income reduced using financial asset rules
Volume 4Schedules, Endnotes
Schedule 5Savings and transitional provisions
Part 2ACharge exempt residents under the Aged Care (Transitional Provisions) Act 1997
17C Person’s ordinary income reduced using financial asset rules
(1)
For the purposes of this clause, assume that the refunded amount 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).
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