Summary
Amends the
Social Security Act 1991
and
Veterans’ Entitlements Act 1986
in relation to gifting of assets by introducing a free area of $25 000, over and above already deprived assets, that will apply over a rolling 5-year period and will operate concurrently with the current $10 000 per year free area. Gifts in excess of this $25 000 free area within the 5 years will be assessed as a deprived asset for 5 years. Also changes the applicable period from a pension year to a financial year. The new rules will apply from 1 July 2002.