Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52 (pt 1/7)
Character Range: 711583–714185

52  Certain assets to be disregarded in calculating the value of a person's assets
 (1) In calculating the value of a person's assets for the purposes of this Act (other than sections 52G, 52H, 52JA, 52JB, 52JC, 52JD, 52ZA and 52ZCA), disregard the following:
 (a) if the person is not a member of a couple—the value of any right or interest of the person in the person's principal home that is a right or interest that gives the person reasonable security of tenure in the home;
 (b) if the person is a member of a couple—the value of any right or interest of the person in one residence that is the principal home of the person, of the person's partner or of both of them that is a right or interest that gives the person or the person's partner reasonable security of tenure in the home;
 (c) the value of any life interest of the person other than:
 (i) a life interest in the principal home of the person, of the person's partner or of both of them; or
 (ii) a life interest created by the person, by the person's partner or by both of them; or
 (iii) a life interest created on the death of the person's partner;
Note: The exclusion from paragraph (1)(c) of the value of a person's life interest mentioned in subparagraph (i), (ii) or (iii) does not result in the value of the interest being included in the person's assets if the interest falls within paragraph (1)(a) or (b).
 (d) the value of any asset‑test exempt income stream of the person, other than a partially asset‑test exempt income stream;
 (daa) half of the value of any partially asset‑test exempt income stream of the person;
Note: For partially asset‑test exempt income stream, see subsection (1AA).
 (da) the value of any foreign superannuation pension of the person;
 (e) any amount that is:
 (i) received by the person within the immediately preceding period of 90 days; and
 (ii) is excluded from the definition of income in subsection 5H(1) by subsection 5H(4) or (5);
 (f) the value of the person's investment in:
 (i) a superannuation fund; or
 (ii) an approved deposit fund; or
 (iiia) an ATO small superannuation account;
  until the person:
 (iv) reaches pension age; or
 (v) commences to receive a pension or annuity out of the fund;
Note: Some investments in superannuation funds, approved deposit funds and ATO small superannuation accounts may be disregarded—see section 52AA.
 (fa) if:
 (i) the person has a granny flat interest in the person's principal home; and
 (ii) the granny flat interest gives the person reasonable security of tenure in the home; and
 (iii) the person acquired or retained the granny flat