Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1124

                   If a person disposes of assets, the amount of the disposal or disposition is:

                     (a)  if the person receives no consideration for the destruction, disposal or diminution--an amount equal to:

                              (i)  the value of the assets that are destroyed; or

                             (ii)  the value of the assets that are disposed of; or

                            (iii)  the amount of the diminution in the value of the assets whose value is diminished; or

                     (b)  if the person receives consideration for the destruction, disposal or diminution--an amount equal to:

                              (i)  the value of the assets that are destroyed; or

                             (ii)  the value of the assets that are disposed of; or

                            (iii)  the amount of the diminution in the value of the assets whose value is diminished;

                            less the amount of the consideration received by the person in respect of the destruction, disposal or diminution.

Note:          If subsection 1209ZA(2) applies in relation to the transfer of an asset to a special disability trust, that subsection has the effect of reducing the amount of the disposal or disposition.