Income considered on case by case basis

The following sources of income should be considered as assessable income on a case by case basis:

• funeral benefit income paid by Friendly Societies and Credit Unions
• payments from trust funds and assets held in trust
• debt, health or disability insurance income
• life insurance income or
• any insurance paid as weekly compensation for loss of earnings, or potential earning capacity must be considered as income. Lump sum payments must be treated as savings/investments unless they are Accident Compensation Corporation (ACC) lump sum payments. See Income from assets

You should consider the following:

• the purpose and frequency of the payments and
• what the payment is being used or being made for, for example insurance payments that are being made for replacement income purposes may be considered to be assessable income

If you need help deciding whether assessable income is being generated from any of the above sources, contact Helpline for advice.

Note in addition to the types of income that are considered on a case by case basis, contributions from additional occupants are sometimes, but not always, required to be treated as assessable income.