Veterans' Entitlements Act 1986

Sections and provisions with full text and the judgments that cite each one.

Section 46ZB — Income from asset-tested income stream (long term)

(1) For the purpose of working out the annual rate of ordinary income of a person from an asset-tested income stream (long term) to which this Subdivision applies, the person is taken to receive from…

Section 46AC — Unused concession balance

Existing unused concession balances before 1 January 2024 (1) If, immediately before 1 January 2024, a person has an unused concession balance (including a balance of nil or a retained balance under…

Section 46C — Permissible reductions of business income

(1) Subject to subsection (2), if a person carries on a business, the person’s ordinary income from the business is to be reduced by: (a) losses and outgoings that relate to the business and are…

Section 46ZC — Decision-making principles

The Commission may, by legislative instrument, formulate principles (decision-making principles) to be complied with by it in making decisions under: (a) paragraph 46ZA(1)(a); or (b) paragraph…

Section 46AD — No double income reductions under sections 46AA and 115G

Scope (1) This section applies if, apart from this section: (a) an amount (the initial amount) would be an excluded amount under subsection 115G(1) or (2) in respect of a veteran and a pension…

Section 46D — Deemed income from financial assets—persons other than members of couples

(1) This section applies to a person who is not a member of a couple. (2) A person who has financial assets is taken, for the purposes of this Act, to receive ordinary income on those assets in…

Section 46E — Deemed income from financial assets—members of a couple

(1) This section applies to the members of a couple. (2) If one or both of the members of a couple have financial assets, the members of the couple are taken, for the purposes of this Act, to receive…

Section 46H — Deeming threshold

(1) The deeming threshold for a person who is not a member of a couple is $30,000. (2) The deeming threshold for a couple is $50,000. Note: The amounts fixed by subsections (1) and (2) are indexed…

Section 46J — Below threshold rate, above threshold rate

(1) For the purposes of this Division, the below threshold rate is the rate that is the below threshold rate for the purposes of Division 1B of Part 3.10 of the Social Security Act. (2) For the…

Section 46K — Actual return on financial assets not treated as ordinary income

(1) Subject to subsection (2), any return on a financial asset that a person actually earns, derives or receives is taken, for the purposes of this Act, not to be ordinary income of the person. (2)…

Section 46L — Certain money and financial investments not taken into account

(1) The Minister may determine that: (a) specified financial investments; or (b) a specified class of financial investments; are not to be regarded as financial assets for the purposes of section 46D…

Section 46M — Valuation and revaluation of certain financial investments

The total value of a person’s listed securities and managed investments (being listed securities and managed investments that fluctuate depending on the market) (the relevant investments) is…

Section 46T — Income from asset-test exempt income stream

(1) For the purpose of working out the annual rate of ordinary income of a person from an asset-test exempt income stream to which this Subdivision applies, the person is taken to receive from that…

Section 46U — Income—income stream not a defined benefit income stream or a military invalidity pension income stream

If the asset-test exempt income stream to which this Subdivision applies is not a defined benefit income stream or a military invalidity pension income stream, the amount that the person is taken to…

Section 46V — Income—income stream is a defined benefit income stream

If the asset-test exempt income stream to which this Subdivision applies is a defined benefit income stream, the amount that the person is taken to receive from the income stream each year is worked…

Section 46W — Income from asset-tested income stream (long term)

Section 46X — Income—asset-tested income stream (long term) that is not a defined benefit income stream

If the asset-tested income stream (long term) to which this Subdivision applies is not a defined benefit income stream, the amount that the person is taken to receive from the income stream each year…

Section 46Y — Income—asset-tested income stream (long term) that is a defined benefit income stream

If the asset-tested income stream (long term) to which this Subdivision applies is a defined benefit income stream, the amount that the person is taken to receive from the income stream each year is…

Section 46Z — Scope of Subdivision

(1) This Subdivision applies to family law affected income streams. (2) However, this Subdivision does not apply to: (a) an asset-tested income stream (long term) that is an account-based pension…

Section 47 — Application of Division

(1) The Commission may determine in writing that this Division applies in relation to a foreign currency. (2) This Division applies in relation to a foreign currency in relation to which a…

Section 47A — Conversion of foreign currency amounts

The value in Australian currency of a payment received by a person in foreign currency is to be worked out using: (a) if section 47C applies—the re-assessed exchange rate; or (b) in any other…

Section 47B — Base exchange rate

The base exchange rate for a foreign currency for a foreign exchange period is the average (calculated to 4 decimal places) of the actual market exchange rates available on each working day of the…

Section 47C — Re-assessed exchange rate

(1) If for 10 consecutive working days: (a) starting after a month of the year in relation to which section 47B operates; and (b) ending before the next month of the year in relation to which section…

Section 47D — Applicability of re-assessed exchange rate

(1) The Commission must determine in writing the day on which a re-assessed exchange rate becomes applicable. (2) The day determined under subsection (1) is to be no later than 6 weeks after the…

Section 47E — Rounding off exchange rates

If an exchange rate worked out under this Division would, if it were calculated to 5 decimal places, end in a number greater than 4, the rate worked out is to be taken to be the rate calculated to 4…

Section 48 — Disposal of ordinary income

(1) For the purposes of this Act, a person disposes of ordinary income of the person if the person engages in a course of conduct that diminishes, directly or indirectly, the rate of the person’s…

Section 48A — Amount of disposition

If a person disposes of ordinary income, the amount of the disposition is the amount that, in the Commission’s opinion, is: (a) if the person receives no consideration for the diminution in the rate…

Section 48B — Disposal of ordinary income—not a member of a couple

If a person who is not a member of a couple has, on or after 1 June 1984, disposed of ordinary income of the person, the amount of that disposition is to be included in the person’s ordinary income…

Section 48C — Disposal of ordinary income—members of couples

(1) Subject to subsections (2), (3) and (4), if a person who is a member of a couple has, on or after 1 June 1984, disposed of ordinary income of the person: (a) 50% of the amount of the disposition…

Section 48E — Dispositions more than 5 years old to be disregarded

This Division does not apply to a disposition of ordinary income that took place: (a) more than 5 years before the time when: (i) the person who disposed of the ordinary income; or (ii) if the person…

Section 50 — General effect of Division

This Division adjusts the service pension rate, income support supplement rate or veteran payment rate of a person who is receiving, or whose partner is receiving, payments under a self-employment…

Section 50A — Reduction in rate of payments under this Part if recipient or partner also receiving payments under a self-employment program

(1) If: (a) an instalment of service pension, income support supplement or veteran payment is payable to a person during a pension period; and (b) a payment under a self-employment program is payable…

Section 50B — Rate reduction under this Division

(1) Subject to subsection (2), if a person’s rate of payment under Part III or IIIA, or rate of veteran payment, is to be reduced under this Division because of a payment under a self-employment…

Section 52 — Certain assets to be disregarded in calculating the value of a person’s assets

(1) In calculating the value of a person’s assets for the purposes of this Act (other than sections 52G, 52H, 52JA, 52JB, 52JC, 52JD, 52ZA and 52ZCA), disregard the following: (a) if the person is…

Section 52A — Value of asset-tested income streams that are not defined benefit income streams, asset-tested income streams (lifetime) or family law affected income streams

(1) This section applies to a person’s asset-tested income stream if it is not a defined benefit income stream, it is not an asset-tested income stream (lifetime) and it is not a family law affected…