Section 1124 — Social Security Act 1991: Amount of disposal or disposition

If a person disposes of assets, the amount of the disposal or disposition is: (a) if the person receives no consideration for the destruction, disposal or diminution—an amount equal to: (i) the value of the assets that are destroyed; or (ii) the value of the assets that are disposed of; or (iii) the amount of the diminution in the value of the assets whose value is diminished; or (b) if the person receives consideration for the destruction, disposal or diminution—an amount equal to: (i) the value of the assets that are destroyed; or (ii) the value of the assets that are disposed of; or (iii) the amount of the diminution in the value of the assets whose value is diminished; less the amount of the consideration received by the person in respect of the destruction, disposal or diminution. Note: If subsection 1209ZA(2) applies in relation to the transfer of an asset to a special disability trust, that subsection has the effect of reducing the amount of the disposal or disposition.