Commonwealth Consolidated Acts

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Disposal preclusion period--disposals before 1 July 2002

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

             (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).

             (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 day the person qualified for age 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.

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