Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect for the purposes of Module G of the Youth Allowance Rate Calculator at the end of section 1067G.
(2) Unless the contrary intention appears:
"actual means" has the meaning given by point 1067G-G8.
"AIC scheme" means the Commonwealth scheme known as the Assistance for Isolated Children Scheme.
"appropriate tax year" has the meaning given by point 1067G-G4.
"base tax year" has the same meaning as in point 1067G-F5.
(a) the carrying on of primary production; and
(b) the provision of professional services; and
(c) the earning of income as a rentier;
but does not include employment (whether or not the employment is remunerated by wages or salary).
"claimant/recipient" has the meaning given by point 1067G-G7.
"combined parental income" has the meaning given by point 1067G-F10.
"designated parent" has the meaning given by subsection (3).
"family actual means free area" has the meaning given by point 1067G-G14.
"income assistance" has the meaning given by subsection (4).
"interest" in a trust:
(a) includes:
(i) the interest of a settlor in property subject to the trust; and
(ii) a power of appointment under the trust; and
(iii) a power to rescind or vary a provision of, or to rescind or vary the effect of the exercise of a power under, the trust; and
(iv) an interest that is conditional, contingent or deferred; but
(b) does not include:
(i) the interest of a person as an agent or creditor of the trustee; or
(ii) the interest of a person as a person employed by the trustee.
"liquid assets" means assets that, under subsection 14A(1), are liquid assets for Parts 2.11, 2.11A, 2.12 and 2.14.
"relevant person" has the meaning given by point 1067G-G7.
"savings" has the meaning given by subsection (5).
"secondary course" means a course that is determined, under section 5D of the Student Assistance Act 1973 , to be a secondary course for the purposes of that Act.
"secondary student" means a person who is receiving youth allowance and is undertaking full-time study in respect of a secondary course.
"total net investment loss" has the same meaning as in the Income Tax Assessment Act 1997 .
(a) a trust in relation to an account held in a bank only for the benefit of a dependent child of the trustee; or
(b) a trust under which property of the estate of a deceased person, or of a person who is an insolvent under administration, is distributed; or
(c) a trust in relation to a superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 that is not an excluded fund within the meaning of that Act; or
(ca) an FHSA trust (within the meaning of the First Home Saver Accounts Act 2008 ); or
(d) a public unit trust in which units are held by 50 or more persons who are not family members of the trustee, or are offered for subscription or purchase by the public; or
(e) the trust constituted by a trust account that the trustee is required by a law to establish; or
(f) a charitable trust; or
(g) a trust created by operation of law.
"unlisted public company" means a public company that is not listed on a stock exchange.
(3) A parent of a person (the person concerned ) is a designated parent for a youth allowance payment period if:
(a) within 10 years before 1 January in the calendar year in which the youth allowance payment period ends, the parent first entered Australia under a permanent visa or entry permit within the meaning of the Migration Act 1958 for the grant of which a criterion or requirement was that the parent demonstrate skills in business; or
(b) the parent has an interest (the value of which is $2,500 or more) in assets outside Australia and its external territories; or
(c) in the base tax year, the parent had an interest in:
(i) a proprietary company; or
(ii) an unlisted public company; or
(iii) a trust; or
(d) in the base tax year, the parent derived income of $2,500 or more from a source outside Australia and its external territories (except Norfolk Island) that does not consist only of income from a pension or similar payment, and was either:
(i) ordinary income; or
(ii) an amount included in the person concerned's combined parental income; or
(e) the parent derived income from salary or wages in the base tax year and has claimed, or will claim, a tax deduction for a business loss (whether for that year or a previous year) that does not consist only of a total net investment loss; or
(f) in the base tax year, the parent was a member of a partnership; or
(g) in the base tax year, the parent:
(i) worked for gain or reward otherwise than under a contract of employment or apprenticeship, whether or not the parent employed one or more other persons; but
(ii) was not, in so working, wholly or mainly engaged in a primary production business owned by him or her.
Note: For parent see subsection 5(1), paragraph (b) of the definition of parent .
(4) A payment received by a person is income assistance if it is:
(a) a youth allowance received by a person who is undertaking full-time study; or
(b) an austudy payment; or
(c) a payment under this Act, the Family Assistance Act or the Veterans' Entitlements Act 1986 , that is exempt from income tax under Subdivision 52-A, 52-B or 52-C of the Income Tax Assessment Act 1997 ; or
(ca) a payment under the Military Rehabilitation and Compensation Act that is exempt from income tax under Subdivision 52-CA of the Income Tax Assessment Act 1997 ; or
(cb) a payment under the Australian Participants in British Nuclear Tests (Treatment) Act 2006 that is exempt from income tax under Subdivision 52-CB of the Income Tax Assessment Act 1997 ; or
(d) a payment under:
(i) a Student Financial Supplement Scheme; or
(ii) the scheme known as the ABSTUDY scheme; or
(iii) the AIC scheme; or
(e) an AUSTUDY allowance; or
(f) a payment under a scholarship; or
(g) a payment by a State or Territory, or a State or Territory authority, to assist the primary, secondary or tertiary education of a student.
(5) The savings of a person include the following amounts:
(a) the person's share in any profit retained by a company of which the person is a director, or shareholder, who has a substantial influence over whether company profit is distributed to:
(i) the person or a family member of the person; or
(ii) another company, or a partnership or trust, in which the person or a family member of the person has an interest;
(b) the person's share in any profit retained by a partnership of which the person is a member who has a substantial influence over whether partnership profit is distributed to:
(i) the person or a family member of the person; or
(ii) another partnership, or a company or trust, in which the person or a family member of the person has an interest;
(c) any undistributed profit of a trust that is attributable to the person;
(d) the total undistributed profit of a trust where:
(i) the person is a trustee or beneficiary of the trust; and
(ii) no part of that undistributed profit is attributable to the person; and
(iii) the person controls the trust.
(6) For the purposes of subparagraph (5)(d)(iii), a person controls a trust if the person has:
(a) a power of appointment under the trust; or
(b) a power to rescind or vary a provision of, or to rescind or vary the effect of the exercise of a power under, the trust; or
(c) a substantial influence over whether trust profit is distributed to:
(i) the person or a family member of the person; or
(ii) another trust, or a company or partnership, in which the person or a family member of the person has an interest.