Born in Auckland, Bassett was a bank worker when the First World War began. A member of New Zealand's Territorial Force, he volunteered for service abroad with NZEF and was posted to the New Zealand Divisional Signal Company as a sapper. He saw action on the opening day of the Gallipoli Campaign, and during the Battle of Chunuk Bair he performed the actions that led to his award of the VC. Medically evacuated due to sickness shortly after the battle, he later served on the Western Front and finished the war as a second lieutenant. Bassett returned to the banking profession but was recalled to active duty during the Second World War. He served on the Home Front and by the time he was taken off active duty in December 1943, he had been promoted to the rank of lieutenant colonel and was commander of signals in the Northern Military District. When he retired from his banking career he became a justice of the peace in Devonport. He died in 1983 at the age of 91.