Section 957D — Social Security Act 1991: Income from long-term financial assets

Person is not a member of a couple (1) This is how to work out the person’s deemed income amount under this subsection: Method statement Step 1. Work out the total value of all of the person’s long-term financial assets on the test day. Note: For long-term financial asset see subsection 957A(5). Step 2. Work out under section 1076 the amount of ordinary income the person would be taken to receive per year on the financial assets: (a) on the assumption that the only financial assets of the person were the financial assets referred to in step 1; and (b) on the assumption that the total value of the person’s financial assets were the amount at step 1. Step 3. The result at step 2 is the person’s deemed income amount. Person is a member of a couple (2) This is how to work out the person’s deemed income amount under this subsection: Method statement Step 1. If, on the test day, the person has reached the minimum age mentioned in section 301-10 of the Income Tax Assessment Act 1997, work out the total value of all of the person’s long-term financial assets on the test day. Note: For long-term financial asset see subsection 957A(5). Step 2. If, on the test day, the person’s partner has reached the minimum age mentioned in section 301-10 of the Income Tax Assessment Act 1997, work out the total value of all of the person’s partner’s long-term financial assets on the test day. Step 3. Work out under section 1077 the amount of ordinary income the couple would be taken to receive per year on the financial assets: (a) on the assumption that section 1077 applied to the person and the person’s partner; and (b) on the assumption that the only financial assets of the person and the person’s partner were the financial assets referred to in steps 1 and 2 (as applicable); and (c) on the assumption that the total value of the couple’s financial assets were the sum of the amounts at steps 1 and 2 (as applicable). Step 4. The result at step 3 is the person’s deemed income amount.