SSAct s19E. Exempt funeral investments

SSAct Contents Title Page Reader's Guide Chapter 1 - Introductory Chapter 2 - Pensions, Benefits and Allowances Chapter 2A - Benefits and concessions other than payments Chapter 2B - Student financial supplement scheme Chapter 2C - Assurances of support Chapter 3 - General provisions relating to payability and rates Chapter 4 - International agreements and portability Chapter 5 - Overpayments and debt recovery Schedules NOTES Section Index Definition Index

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19E. Exempt funeral investments

19E.(1) Work out whether a funeral investment that relates to a particular funeral is an

exempt funeral investment by applying these rules:

(a): the expenses for the funeral must not be prepaid; and

(b): in relation to that funeral:

(i): only one investment of not more than $10,000 can be an exempt funeral investment; or

(ii): only two investments that combined are not more than $10,000 can be exempt funeral investments.

Note: The amounts in paragraph (1)(b) are indexed each year on 1 July (see Division 2 of Part 3.16).

19E.(2) Disregard any return on an investment in determining the amount of an investment for the purposes of this section.

19E.(3) For the purposes of subsection (1), a

funeral investment means an investment, being an investment that cannot be realised before maturity and the return on which is not payable before maturity, that:

(a): matures on the death of whichever member of a couple dies first or dies last and is to be applied on maturity to the expenses of the funeral of that member of the couple; or

(b): matures on the death of:

(i): the investor; or

(ii): if the investor is a member of a couple at the time the investment is made, the investor's partner at that time;

and is to be applied on maturity to the expenses of the funeral of the person on whose death it matures.

History

S.19E inserted by Act No. 183, 2007, by s.3, Schedule 4(2);

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