Completing the Income and Assets Mod iA 106-07110040

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Policy

Legislation

Policy

Income

For a definition of income stream, see Guide to Social Security Law, 1.1.I.70, Income stream

For information about the general provisions covering deprivation of income, key principles and examples of deprivation, see Guide to Social Security Law, 4.1, Deprivation of Income & Assets

For information about the means test and limits for different payments, see Guide to Social Security Law, 4.2, Means Tests & Limits

For information about the types of ordinary income and exempt income for payments other than family assistance payments, see Guide to Social Security Law, 4.3, Ordinary Income

For information on deeming provisions and how savings, shares and managed investments are treated under deeming provisions, see Guide to Social Security Law, 4.4, Deeming Provisions

For information on assessing income from business structures, trusts and primary producers, see Guide to Social Security Law, 4.7, Business Structures, Primary Production & pre-01/01/2002 Assessment of Trusts & Private Companies

For information on the accumulation phase of superannuation, outlines of the various types of superannuation structures and assessment of income from withdrawals of superannuation benefits, see Guide to Social Security Law, 4.8, Superannuation Funds

For information about the assessment of income streams (post 20 September 1998), tables of life expectancy, and a table of pension valuation factors for defined benefit schemes, see Guide to Social Security Law, 4.9, Income Streams

For information about taxable income, see Guide to Social Security Law, 4.11, Taxable Income

Assets

For information on the various types of assets that affect a customer's payments, exempt assets, the concept of asset value and hardship provisions relating to assets, see Guide to Social Security Law, 4.6, Assets

Legislation

Links to the Federal Register of Legislation site go to a 'Series' page. Select the 'Latest' version.

Income

Social Security Act 1991

• section 8(1), Income test definitions
• section 9(1), Financial assets and income streams definitions

For information about what is ordinary income, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about how deeming affects payments, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about how income from income streams are treated, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about Aged care accommodation bonds paid prior to 6 November 1997, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about refunds to aged care residents who are charge exempt, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about converting foreign currency amounts, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

For information about disposing of income, see Social Security Act 1991, part 3.10, division 1, Ordinary income concept

Social Security Act 1991, section 9BA, Meaning of asset-test exempt income stream - market linked income streams

Assets

For the definitions of various terms relating to assets, see Social Security Act 1991, section 11, Assets test definitions

For the definitions of various terms relating to financial assets and income streams, see Social Security Act 1991, section 9(1), Financial assets and income streams definitions

For information about the value of a person's assets, disposal of assets, financial hardship in relation to assets and provisions relating to special residences and special residents, see Social Security Act 1991, part 3.12, division 1, Value of person's assets

General

For information about Services Australia's ability to request a customer to give information, see Social Security (Administration) Act 1999, section 63(2), Requirement to attend Department etc.

For information about Services Australia’s power to obtain information from a person, see Social Security (Administration) Act 1999, section 192, General power to obtain information