Disposal of assets
52E Disposal of assets
For the purposes of this Act, a person disposes of assets of the person if the person engages in a course of conduct that diminishes, directly or indirectly, the value of the person’s assets and:
the person receives no consideration in money or money’s worth for the diminution in the value of the person’s assets; or
the person receives inadequate consideration in money or money’s worth for the diminution in the value of the person’s assets; or
the Commission is satisfied that the purpose, or the dominant purpose, of the person in engaging in that course of conduct was:
to obtain or enable the person’s partner to obtain a service pension, income support supplement, a veteran payment or a social security pension or benefit; or
to obtain or enable the person’s partner to obtain a service pension, income support supplement, a veteran payment or a social security pension or benefit at a higher rate than that which would otherwise have been payable; or
to ensure that the person or the person’s partner would be eligible for benefits under Division 12 of this Part or fringe benefits under the Social Security Act.
Under Subdivision B of Division 11A of Part IIIB, certain transfers of assets to special disability trusts can be taken not to be disposals of the assets (but this can be subject to a limit on the aggregate value of the transfers).
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