Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a person transfers an asset (the transferred asset ) to a special disability trust, the transfer is taken not to be a disposal of the asset (within the meaning of section 52E) if:
(a) the person is an immediate family member of the principal beneficiary of the trust; and
(b) the person, or the person's partner:
(i) is receiving a service pension and has reached pension age; or
(ii) is receiving income support supplement and has reached qualifying age; or
(iia) is receiving a veteran payment and has reached pension age (within the meaning of subsections 5QB(2), (3), (4) and (5)); or
(iii) is receiving a social security pension and has reached pension age within the meaning of the Social Security Act; and
(c) the person receives no consideration, and is not entitled to any consideration, for the transfer; and
(d) the transfer is unconditional; and
(e) the value of the transferred asset does not exceed $500,000; and
(f) in a case where there has already been a transfer to which this section has applied (an exempt transfer ), by that person or any other person, to the trust or any other special disability trust that had the same principal beneficiary--the sum of:
(i) the values of all of the assets transferred, by exempt transfers that have already been made, to the trust or any other special disability trust that had the same principal beneficiary; and
(ii) the value of the transferred asset;
does not exceed $500,000.
Note 1: For special disability trust , see section 52ZZZW.
Note 2: For immediate family member , see subsection 5Q(1).
Note 3: For pension age (except for the purposes of subparagraph (1)(b)(iia) or (iii) of this section), see subsection 5Q(1).
Note 3A: For qualifying age see section 5Q.
Note 4: For service pension , social security pension and veteran payment , see subsection 5Q(1).
Note 5: Part IIIA deals with income support supplement.
(2) This section has effect subject to sections 52ZZZWM and 52ZZZWP.
(3) In this section:
"other special disability trust" includes a special disability trust within the meaning of the Social Security Act.
"value" , of an asset transferred to a special disability trust, means the market value of the asset at the time of the transfer.