The Guides to Social Policy Law is a collection of publications designed to assist decision makers administering social policy law. The information contained in this publication is intended only as a guide to relevant legislation/policy. The information is accurate as at the date listed at the bottom of the page, but may be subject to change. To discuss individual circumstances please contact Services Australia.

1.1.P.425 Private annuity

Usage

This definition applies to all payments.

Definition

A 'private annuity' is a legally binding contract between 2 parties, where one party provides an income in exchange for payment or valuable consideration.

Example: A rural industry landowner exchanges title to a farming property in exchange for a series of payments over a defined period.

Policy reference: SS Guide 4.6.5.100 Assessing Private Annuities & Overseas Income Products

Last reviewed: 8 February 2021

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