Assessment of other assets

Asset or action

Income test

Assets test

Controlling interest in trust or company

Attributed portion of income of the trust or company

Market value of attributed assets of the trust or company is assessable.

Life policy surrendered or matured

Profit assessed as income for 12 months from surrender/maturity date

The surrender value of the policy is assessable under the assets test.

Gifting

Up to $10,000 can be gifted each financial year, subject to a maximum of $30,000 over 5 years

Gifts above allowable amount will be deemed for 5 years from the date of gift

Gifts above allowable amount assessed for 5 years from the date of gift