1.1.D.110 Deprived asset

Usage

This definition applies to all payments subject to assets testing provisions.

Definition

A deprived asset is an asset (1.1.A.290) that has been disposed of for nil or less than its value. That is, adequate consideration has not been received. The value of the asset is still included for assessment purposes.

Act reference: SSAct section 9(4) deprived asset, section 1123 Disposal of assets, section 1124 Amount of disposal or disposition

Last reviewed: 1 July 2016