Commonwealth Numbered Acts

SOCIAL SECURITY AND VETERANS' AFFAIRS LEGISLATION AMENDMENT ACT (No. 2) 1990 No. 119, 1990 - SECT 23

23. After section 52 of the Principal Act the following section is inserted:
Income from deprived property

"52A. (1) In this section: `property rate' means 10% or, if there is a lower
rate determined under subsection 6A (3) of the Social Security Act 1947, that
lower rate.

"(2) Where, because of section 52, the value of a person's property for the
purposes of this Act includes the value of property disposed of after 21
August 1990:

   (a)  the person is taken to obtain income from that property so disposed
        of; and

   (b)  that income is taken to be whichever is the higher of interest on the
        value of that property so disposed of at the property rate per year or
        the amount calculated in accordance with subsection 52 (8).".