Document ID: chunk:federal_register_of_legislation:F2025C00071:reg:47
Version: federal_register_of_legislation:F2025C00071
Segment Type: reg
Provision Reference: reg 47
Character Range: 60216–62096

47  Working out care recipient's means tested amount—value of assets
 (1) For the purposes of subsection 44‑26A(1) of the Act, the value of a person's assets is the value worked out in accordance with Division 1 of Part 3.12 of the Social Security Act, 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.
 (2) However, the following provisions of Division 1 of Part 3.12 of the Social Security Act do not apply for the purposes of working out the person's assets:
 (a) paragraphs 1118(1)(a), (b) and (g), subparagraphs 1118(1)(ga)(ii) and (gb)(ii), paragraphs 1118(1)(u) and (v) and subsection 1118(4) (Certain assets to be disregarded in calculating the value of a person's assets);
 (b) section 1118AB (Value of person's assets reduced: certain transactions to do with aged care accommodation bonds);
 (c) section 1118AC (Value of person's assets reduced: refunds to charge exempt residents).
 (2A) Also, subsection 1121(1) of the Social Security Act does not apply, for the purposes of working out the value of the person's assets, to a charge or encumbrance over the amount of any refundable deposit balance in respect of a refundable deposit paid by the person.

Value of home
 (3) For subsection 44‑26A(7) of the Act, the value of a home is the value worked out after applying this section.