52ZZZWK

Attribution of assets

Current

(1)

For the purposes of this Act, the assets of a special disability trust are not to be included in the assets of the principal beneficiary of the trust.

Note:

For special disability trust, see section 52ZZZW.

(2)

However, this section does not apply to the extent that the value of the assets owned by the trust exceeds the trust’s asset value limit.

(3)

The asset value limit of a special disability trust is $500,000.

Note:

This amount is indexed annually on 1 July (see sections 59B to 59E).

(4)

For the purposes of subsection (2), disregard the value of any right or interest of the trust in the principal home of the principal beneficiary of the trust.

Note:

For principal home, see subsections 5L(5) to (7).

(5)

This section has effect despite Subdivision H of Division 11A of Part IIIB and any other provisions of this Act.

This Act’s bill:Second reading speech

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