46T

Income from asset‑test exempt income stream

In force

(1)

For the purpose of working out the annual rate of ordinary income of a person from an asset‑test exempt income stream to which this Subdivision applies, the person is taken to receive from that income stream each year the amount worked out under section 46U, 46V or 46VAA.

Note:

For asset‑test exempt income stream see sections 5JA, 5JB, 5JBA and 5JBB.

(2)

Sections 46U and 46V do not apply if:

(a)

the income stream is covered by subsection 5JBA(1); or

(b)

on the income stream’s commencement day, there was a reasonable likelihood that the income stream would have been covered by subsection 5JBA(1), but the income stream is no longer covered by that subsection.

Note:

See section 46VA.

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