Veterans' Entitlements Act 1986

For the purposes of this section, if:

an individual ceases to be an attributable stakeholder of a trust on or after 1 January 2002; and

immediately after the cessation, the trust was a concessional primary production trust in relation to the individual; and

under section 52ZZY, as a result of the cessation, Subdivision BA or BB of Division 11 has effect as if the individual had disposed of an asset of the individual; and

under Subdivision BA or BB of Division 11, as a result of the disposition, a particular amount is included in the value of the individual’s assets for the period of 5 years that starts on the day on which the disposition took place;

the period referred to in paragraph (d) is the asset deprivation period in relation to the individual and the trust; and

throughout the asset deprivation period, the trust is a special primary production trust of the individual; and

each one of the 5 years that constitutes the asset deprivation period is an asset deprivation year in relation to the individual and the trust.

If:

a trust (the first trust) is a special primary production trust in relation to an individual; and

the individual and/or the individual’s spouse received one or more benefits (the first benefits) from the trust during a period that is an asset deprivation year (the first asset deprivation year) in relation to the individual and the trust;

the total of the amount or value of the first benefits;

if:

another trust is a special primary production trust in relation to the individual; and

the asset deprivation period in relation to the individual and that other trust overlaps, in whole or in part, the first asset deprivation year; and

the individual and/or the individual’s spouse received one or more benefits (the second benefits) from that other trust during the period of the overlap;

if:

another trust is a special primary production trust in relation to the individual’s spouse; and

the asset deprivation period in relation to the individual’s spouse and that other trust overlaps, in whole or in part, the first asset deprivation year; and

the individual’s spouse and/or the individual received one or more benefits (the third benefits) from that other trust during the period of the overlap;

Subsection (2) does not apply to any of the following benefits:

food that:

is derived from the first primary production enterprise referred to in section 52ZZZF; and

is for the personal consumption of the individual or the individual’s spouse;

residential accommodation for the individual or the individual’s spouse, where that accommodation is the principal home of the individual;

if paragraph (b) applies—water, fuel, gas or electricity for use in that residential accommodation;

any other non‑cash benefit that is minor and provided on a basis that is infrequent and irregular.

In this section: