Commonwealth Numbered Acts

VETERANS' AFFAIRS LEGISLATION AMENDMENT ACT 1994 No. 78 of 1994 - SECT 26

26. Section 48D of the Principal Act is amended:

   (a)  by inserting after subsection (1) the following subsection:



"(1A) If:

   (a)  this section applies; and

   (b)  an amount is not included in the value of the person's assets under
        section 52FA or 52GA because of the disposition of the asset; no
        amount is, for the purposes of sections 48B and 48C, to be included in
        the person's ordinary income because of the disposition of ordinary
        income.";

   (b)  by inserting after subsection (2) the following subsection:



"(2A) If:

   (a)  this section applies; and

   (b)  the amount that is included in the value of the person's assets under
        section 52FA or 52GA because of the disposition of the asset is:

        (i)    if section 52GA applies - less than 50% of the amount of the
               disposition of the asset; or

        (ii)   if section 52FA applies - less than the amount of the
               disposition of the asset; the amount to be included in the
               person's ordinary income because of the disposition of ordinary
               income is to be worked out disregarding so much of the amount
               of the disposition of ordinary income as the Commission decides
               is attributable to the part of the amount of the disposition of
               the asset that is not included in the value of the person's
               assets under section 52FA or 52GA.".