Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:44
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 44
Character Range: 45809–47738

44  Working out the value of assets
 (1) For the purposes of subsection 44‑10(1) of the Transitional Provisions Act, and subject to subsections 44‑10(2), (3) and (4) of the Transitional Provisions Act, the value of a person's assets is the net value of the person's property (including property outside Australia) reduced by the following:
 (a) any compensation payments received by the person under the following:
 (i) the Compensation (Japanese Internment) Act 2001;
 (ii) the Veterans' Entitlements (Compensation—Japanese Internment) Regulations 2001;
 (iii) Part 2 of the Veterans' Entitlements (Clarke Review) Act 2004;
 (iv) Schedule 5 to the Social Security and Veterans' Affairs Legislation Amendment (One‑off Payments and Other 2007 Budget Measures) Act 2007;
 (b) any redress payment paid to the person, or to an administrator for the person, under section 48 of the National Redress Scheme for Institutional Child Sexual Abuse Act 2018.
Note: Net value is defined in section 4.
 (2) For subsection (1), a person's property includes the following:
 (a) accounts, including interest‑free accounts, with banks, building societies and credit unions;
 (b) interest‑bearing deposits;
 (c) fixed deposits;
 (d) bonds;
 (e) debentures;
 (f) shares;
 (g) investments in property trusts, friendly societies, equity trusts, mortgage trusts and bond trusts;
 (h) superannuation assets from which lump sum amounts can be withdrawn;
 (i) real estate;
 (j) businesses;
 (k) farms;
 (l) loans, including interest‑free loans;
 (m) motor vehicles, boats and caravans;
 (n) the surrender value of life insurance policies;
 (o) investment collections, including investment collections of coins or stamps;
 (p) household contents and personal effects.
 (3) For paragraph (2)(p), if there is no evidence of the value of a person's household contents and personal effects, the value is taken to be $5 000.

Division 6—Reductions in subsidy