VETERANS' ENTITLEMENTS ACT 1986 - SECT 45UT Disposal preclusion period--dispositions before 1 July 2002

VETERANS' ENTITLEMENTS ACT 1986 - SECT 45UT

  (1)   For the purposes of this Part, if:

  (a)   either:

  (i)   a person has, during a designated year of the person, disposed of an asset of the person; or

  (ii)   the partner of a person has, during a designated year of the person, disposed of an asset of the partner; and

  (b)   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 and/or the person's partner during that designated year, exceeds $10,000;

the person is subject to a disposal preclusion period throughout the period of 5 years that starts on the day on which the disposition referred to in paragraph   (a) took place.

Note:   Designated year is defined by subsection   (3).

  (1A)   This section applies only to dispositions of assets that took place before 1   July 2002.

  (2)   For the purposes of this Part, if:

  (a)   a person ceases to be a member of a couple (whether because of the death of the person's partner or for any other reason); and

  (b)   immediately before the cessation, the person was subject to a particular disposal preclusion period that arose wholly because the person's partner disposed of a particular asset; and

  (c)   if that disposition had been disregarded, the person would not have been subject to that disposal preclusion period;

then, despite subsection   (1), that disposal preclusion period ends at the cessation.

  (3)   For the purposes of this section, a designated year of a person is:

  (a)   the 12 - month period ending on the person's special date of eligibility for a designated pension; and

  (b)   each preceding 12 - month period; and

  (c)   each succeeding 12 - month period.

  (4)   This section applies to a disposal even if the disposal took place before the commencement of this section.

  (5)   No period after 30   June 2002 is, or is a part of, a designated year of a person. If, apart from this subsection, a period beginning before 1   July 2002 and ending on or after that date would be a designated year of a person, the part of that period that ends immediately before that date is taken to be a designated year of the person.