Section 52ZZZG — Veterans' Entitlements Act 1986: Individual ceases to be an attributable stakeholder of a trust—receipt of remuneration or other benefits from trust during asset deprivation period

(1) For the purposes of this section, if: (a) an individual ceases to be an attributable stakeholder of a trust on or after 1 January 2002; and (b) immediately after the cessation, the trust was a concessional primary production trust in relation to the individual; and (c) under section 52ZZY, as a result of the cessation, Subdivision BA or BB of Division 11 has effect as if the individual had disposed of an asset of the individual; and (d) under Subdivision BA or BB of Division 11, as a result of the disposition, a particular amount is included in the value of the individual’s assets for the period of 5 years that starts on the day on which the disposition took place; then: (e) the period referred to in paragraph (d) is the asset deprivation period in relation to the individual and the trust; and (f) throughout the asset deprivation period, the trust is a special primary production trust of the individual; and (g) each one of the 5 years that constitutes the asset deprivation period is an asset deprivation year in relation to the individual and the trust. (2) If: (a) a trust (the first trust) is a special primary production trust in relation to an individual; and (b) the individual and/or the individual’s spouse received one or more benefits (the first benefits) from the trust during a period that is an asset deprivation year (the first asset deprivation year) in relation to the individual and the trust; subparagraph 52ZZZF(1)(n)(ii) does not apply to the first benefits, so long as the sum of the following amounts is less than the amount specified in clause 38N of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 (subject to any indexation under Schedule 4 to that Act): (c) the total of the amount or value of the first benefits; (d) if: (i) another trust is a special primary production trust in relation to the individual; and (ii) the asset deprivation period in relation to the individual and that other trust overlaps, in whole or in part, the first asset deprivation year; and (iii) the individual and/or the individual’s spouse received one or more benefits (the second benefits) from that other trust during the period of the overlap; the total of the amount or value of the second benefits; (e) if: (i) another trust is a special primary production trust in relation to the individual’s spouse; and (ii) the asset deprivation period in relation to the individual’s spouse and that other trust overlaps, in whole or in part, the first asset deprivation year; and (iii) the individual’s spouse and/or the individual received one or more benefits (the third benefits) from that other trust during the period of the overlap; the total of the amount or value of the third benefits. (3) Subsection (2) does not apply to any of the following benefits: (a) food that: (i) is derived from the first primary production enterprise referred to in section 52ZZZF; and (ii) is for the personal consumption of the individual or the individual’s spouse; (b) residential accommodation for the individual or the individual’s spouse, where that accommodation is the principal home of the individual; (c) if paragraph (b) applies—water, fuel, gas or electricity for use in that residential accommodation; (d) any other non-cash benefit that is minor and provided on a basis that is infrequent and irregular. (4) In this section: benefit, in relation to a trust, means any remuneration or other benefit received from the trust otherwise than in the capacity of beneficiary of the trust.