VETERANS' ENTITLEMENTS ACT 1986 - SECT 52JA Disposition of assets in tax year--individuals

VETERANS' ENTITLEMENTS ACT 1986 - SECT 52JA

Dispositions to which section applies

  (1)   This section applies to a disposition (the relevant disposition ) on or after 1   July 2002 of an asset by a person who is not a member of a couple at the time of the relevant disposition.

Increase in value of assets

  (2)   If the amount of the relevant disposition, or the sum of that amount and the amounts (if any) of other dispositions of assets previously made by the person during the tax year in which the relevant disposition took place, exceeds $10,000, then, for the purposes of this Act, the lesser of the following amounts is to be included in the value of the person's assets for the period of 5 years starting on the day on which the relevant disposition took place:

  (a)   the amount of the relevant disposition;

  (b)   the amount by which the sum of the amount of the relevant disposition and the amounts (if any) of other dispositions of assets previously made by the person during the tax year in which the relevant disposition took place, exceeds $10,000.

Previous joint dispositions

  (3)   If, during the tax year in which the relevant disposition took place but before the time of the relevant disposition, the person was a member of a couple who jointly disposed of an asset, a reference in subsection   (2) to the amounts (if any) of other dispositions of assets previously made by the person during that tax year includes a reference to one - half of the amount of the joint disposition.