Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 2) 1992 No. 229, 1992 - SECT 114

114. Section 1110 of the Principal Act is amended:

   (a)  by inserting after subsection (1) the following subsection:

"(1A) If:

   (a)  this section applies; and

   (b)  an amount is not included in the value of the person's assets under
        section 1124A or 1125A because of the disposition of the asset; an
        amount is not, for the purposes of sections 1108 and 1109, to be
        included in the person's ordinary income because of the disposition of
        ordinary income.".

   (b)  by inserting after subsection (2) the following subsection:

"(2A) If:

   (a)  this section applies; and

   (b)  the amount that is included in the value of the person's assets under
        section 1124A or 1125A because of the disposition of the asset is:

        (i)    if section 1125A applies - less than 50% of the amount of the
               disposition of the asset; or

        (ii)   if section 1124A applies - less than the amount of the
               disposition of the asset; the amount to be included in the
               person's ordinary income because of the disposition of ordinary
               income is to be worked out disregarding so much of the amount
               of the disposition of ordinary income as the Secretary decides
               is attributable to the part of the amount of the disposition of
               the asset that is not included in the value of the person's
               assets under section 1124A or 1125A.".