Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.