Section 1099L — Social Security Act 1991: Person’s ordinary income reduced using financial asset rules

(1) For the purposes of this section, assume that the refunded amount were a financial asset of the person. (2) The person’s ordinary income for a year is reduced by the amount of ordinary income taken to be received on the asset for the year, as worked out under Division 1B (income from financial assets (including income streams (short term) and certain income streams (long term)). (3) In working out that reduction, assume that the total value of the person’s financial assets exceeded the person’s deeming threshold (deeming threshold is a term used in Division 1B).