Disposal of assets in pre‑pension years—not a member of a couple
52FA Disposal of assets in pre‑pension years—not a member of a couple
If:
a person is not a member of a couple when the person claims a service pension, an income support supplement or a social security pension; and
the person disposes of an asset of the person during a pre‑pension year of the person; 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 during that pre‑pension year, exceeds $10,000;
then, for the purposes of determining whether the pension is payable to the person, there is to be included in the value of the person’s assets for the period of 5 years that starts on the day on which the disposition took place:
the amount by which the sum of the amount of the first‑mentioned disposition of assets and of the amounts (if any) of other dispositions of assets previously made by the person during that pre‑pension year exceeds $10,000; or
the amount of the first‑mentioned disposition;
whichever is the lesser amount.
For disposes of assets see section 52E.
For amount of disposition see section 52F.
If a pension is payable to the person, section 52G operates to determine the rate of payment and section 52FA ceases to apply to the person.
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