Veterans' Entitlements Act 1986

If a person transfers an asset (the transferred asset) to a special disability trust, the transfer is taken not to be a disposal of the asset (within the meaning of section 52E) if:

the person is an immediate family member of the principal beneficiary of the trust; and

the person, or the person’s partner:

is receiving a service pension and has reached pension age; or

is receiving income support supplement and has reached qualifying age; or

is receiving a veteran payment and has reached pension age (within the meaning of subsections 5QB(2), (3), (4) and (5)); or

is receiving a social security pension and has reached pension age within the meaning of the Social Security Act; and

the person receives no consideration, and is not entitled to any consideration, for the transfer; and

the transfer is unconditional; and

the value of the transferred asset does not exceed $500,000; and

in a case where there has already been a transfer to which this section has applied (an exempt transfer), by that person or any other person, to the trust or any other special disability trust that had the same principal beneficiary—the sum of:

the values of all of the assets transferred, by exempt transfers that have already been made, to the trust or any other special disability trust that had the same principal beneficiary; and

the value of the transferred asset;

For special disability trust, see section 52ZZZW.

For immediate family member, see subsection 5Q(1).

For pension age (except for the purposes of subparagraph (1)(b)(iia) or (iii) of this section), see subsection 5Q(1).

For service pension, social security pension and veteran payment, see subsection 5Q(1).

Part IIIA deals with income support supplement.

This section has effect subject to sections 52ZZZWM and 52ZZZWP.

In this section: