Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5l:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5L (pt 1/4)
Character Range: 155403–158185

5L  Assets test definitions
 (1) In this Act, unless the contrary intention appears:
accommodation bond has the same meaning as in the Aged Care Act 1997.
accommodation bond balance has the same meaning as in the Aged Care Act 1997.
accommodation charge has the same meaning as in the Aged Care Act 1997.
asset means property or money (including property or money outside Australia).
Note: However, certain property or money is to be disregarded when calculating the value of a person's assets for certain purposes (for example, see subsection 52(1)).
daily accommodation contribution has the same meaning as in the Aged Care Act 1997.
daily accommodation payment has the same meaning as in the Aged Care Act 1997.
dispose of assets has the meaning given by section 52E.
family member, in relation to a person, means:
 (a) the partner or a parent of the person; or
 (b) a sister, brother or child of the person; or
 (c) another person who, in the Commission's opinion, should be treated for the purposes of this definition as one of the person's relations described in paragraph (a) or (b).
fishing operations means:
 (a) operations relating directly to the taking or catching of fish, turtles, crustacea, oysters or other shellfish; or
 (b) oyster farming; or
 (c) pearling operations;
but does not include:
 (d) whaling; or
 (e) operations conducted otherwise than for the purposes of a business.
foreign superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.
foreign superannuation pension means a pension presently payable from a foreign superannuation fund.
forest operations means:
 (a) the planting or tending in a plantation or forest of trees intended for felling; or
 (b) the felling of trees in a plantation or forest;
but does not include operations conducted otherwise than for the purposes of a business.
pension year has the meaning given by subsections (9) and (9A).
primary producer means a person whose principal occupation is primary production.
primary production means production resulting directly from:
 (a) the cultivation of land; or
 (b) the maintenance of animals or poultry for the purpose of selling them or their bodily produce, including natural increase; or
 (c) fishing operations; or
 (d) forest operations;
and includes the manufacture of dairy produce by the person who produced the raw material used in that manufacture.
principal home has the meaning given by section 5LA.
property owner has the meaning given by subsection (4).
reasonable security of tenure has the meaning given by subsection 5LA(10).
refundable deposit has the same meaning as in the Aged Care Act 1997.
refundable deposit balance has the same meaning as in the Aged Care Act 1997.
unrealisable asset has the meaning given by subsections (11) and