Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsections (3) and (4), where, on or after 1 March 1986 and before 1 July 2002:
(a) a person who is a member of a couple has disposed of assets of the person:
(i) during a pension year of the person; or
(ii) if the person is not receiving a service pension, income support supplement or a social security pension but the person's partner is receiving such a pension--during a pension year of the person's partner; and
(b) the amount of that disposition of assets, or the sum of that amount and the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during that pension year, exceeds $10,000;
then, for the purposes of this Act:
(c) there is to be included in the value of the person's assets for the period of 5 years that starts on the day on which the disposition takes effect:
(i) 50% of the amount by which the sum of the amount of the first - mentioned disposition of the assets and of the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during the pension year exceeds $10,000; or
(ii) 50% of the amount of the first - mentioned disposition of assets;
whichever is the lesser amount; and
(d) there is to be included in the value of the assets of the person's partner for the period of 5 years that starts on the day on which the disposition takes place:
(i) 50% of the amount by which the sum of the amount of the first - mentioned disposition of the assets and of the amounts (if any) of other dispositions of assets previously made by the person or the person's partner during the pension year exceeds $10,000; or
(ii) 50% of the amount of the first - mentioned disposition of assets;
whichever is the lesser amount.
(3) Where:
(a) amounts are included under subsection (1) in the value of a person's assets who is a member of a couple and in the assets of the person's partner because of a disposition of assets by the person; and
(b) the person and the person's partner cease to be members of the same couple;
any amount that was included in the value of the person's former partner's assets because of that disposition is to be included in the value of the person's assets.
(4) Where:
(a) an amount is included under subsection (1) in the value of the assets of a person who is a member of a couple and the value of the assets of the person's partner because the person has disposed of an asset; and
(b) the person dies;
no amount is to be included in the value of the assets of the person's partner because of that disposition.
(5) Where:
(a) an amount is included under subsection (1) in the value of the assets of a person who is a member of a couple and in the value of the assets of the person's partner because the person has disposed of an asset; and
(b) the person's partner dies;
any amount that would, if the person's partner had not died, be included in the value of the assets of the person's partner because of the disposition is to be included in the value of the person's assets.