(1) This section applies in determining whether a person (the carer ) who has been receiving a carer payment for caring for care receivers who are a lower ADAT score adult and a dependent child continues to qualify for the pension.
(1A) This section applies only to disposals of assets that took place before 1 July 2002.
Increase in value of assets of lower ADAT score adult
(2) Subject to subsection (3), if:
(a) there has been a disposal, during a pension year of the carer, of an asset of any of the following persons (a qualifying person ):
(i) the lower ADAT score adult;
(ii) the dependent child;
(iii) if the adult is a member of a couple--the adult's partner and any FTB child of the adult or of the partner;
(iv) if the adult is not a member of a couple--any FTB child of the adult; and
(b) the amount of that disposition, or the sum of that amount and the amounts (if any) of other dispositions of assets of any of the qualifying persons during the pension year exceeds $10,000;
the lesser of the following amounts is to be included in the value of the assets of the lower ADAT score adult, for the period of 5 years that starts on the day on which the disposition took place:
(c) the amount of the first-mentioned disposition;
(d) the amount by which the sum of the amount of the first-mentioned disposition and of the amounts (if any) of other dispositions of assets of the qualifying persons during that pension year exceeds $10,000.
Note 1: For disposition of assets see section 198F.
Note 2: For amount of disposition see section 198G.
Effect of ceasing to be member of couple or death of FTB child after disposal of assets
(a) an amount is included under subsection (2) in the value of the assets of the lower ADAT score adult because of the disposition of an asset of any of the qualifying persons; and
(b) if the lower ADAT score adult is a member of a couple--either:
(i) the adult ceases to be a member of that couple (either because his or her partner dies or for another reason); or
(ii) any of the FTB children dies; and
(c) if the lower ADAT score adult is not a member of a couple--any of the FTB children dies;
then, for the purposes of subsection (2), the following are to be disregarded:
(d) in a subparagraph (b)(i) case--the partner and any FTB child of the partner and any disposition of their assets; or
(e) in a subparagraph (b)(ii) or paragraph (c) case--the FTB child and any disposition of his or her assets.
(4) In this section:
"pension year" , in relation to a carer, means:
(a) the 12 months starting on the day the carer payment first became payable to the carer; or
(b) any preceding or following period of 12 months.