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SOCIAL SECURITY ACT 1991 - SECT 1126AA

Disposal of assets in income year--individuals

Disposals to which section applies

             (1)  This section applies to a disposal (the relevant disposal ) 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 disposal.

Increase in value of assets

             (2)  If the amount of the relevant disposal, or the sum of that amount and the amounts (if any) of other disposals of assets previously made by the person during the income year in which the relevant disposal 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 disposal took place:

                     (a)  the amount of the relevant disposal;

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

Note:          See also section 1126E (about modification of this Division in respect of certain assets).

Previous joint disposals

             (3)  If, during the income year in which the relevant disposal took place but before the time of the relevant disposal, 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 disposals of assets previously made by the person during that income year includes a reference to one-half of the amount of the joint disposal.



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