Document ID: chunk:federal_register_of_legislation:C2016C00170:clause:3_118:p2
Version: federal_register_of_legislation:C2016C00170
Segment Type: clause
Provision Reference: sch 3 cl 118 (pt 2/5)
Character Range: 80216–82598

Act; and
 (b) otherwise—that would be included in the value of the person's assets if Division 2 of Part 3.12 and Division 8 of Part 3.18 of the Social Security Act 1991 applied for the purposes of this Act.
Note 1: Subdivisions B and BB of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986, and Division 2 of Part 3.12 of the Social Security Act 1991, deal with disposal of assets.
Note 2: Subdivision H of Division 11A of Part IIIB of the Veterans' Entitlements Act 1986, and Division 8 of Part 3.18 of the Social Security Act 1991, deal with the attribution to individuals of assets of private companies and private trusts.
 (5) If a person has paid a *refundable deposit, the value of the person's assets is taken to include the amount of the *refundable deposit balance.
 (6) In working out the value at a particular time of the assets of a person who is or was a *homeowner, disregard the value of a home that, at the time, was occupied by:
 (a) the *partner or a *dependent child of the person; or
 (b) a carer of the person who:
 (i) had occupied the home for the past 2 years; and
 (ii) was eligible to receive an *income support payment at the time; or
 (c) a *close relation of the person who:
 (i) had occupied the home for the past 5 years; and
 (ii) was eligible to receive an *income support payment at the time.
 (7) In working out the value at a particular time of the assets of a person who is or was a *homeowner, disregard the value of a home to the extent that it exceeded the *maximum home value in force at that time.
 (8) The value of the assets of a person who is a *member of a couple is taken to be 50% of the sum of:
 (a) the value of the person's assets; and
 (b) the value of the assets of the person's *partner.
 (9) A reference to the value of the assets of a person is, in relation to an asset owned by the person jointly or in common with one or more other people, a reference to the value of the person's interest in the asset.
 (10) A determination under paragraph (2)(a), (2)(b), (3)(a) or (3)(b) or subsection (4) is not a legislative instrument.

44‑26B  Definitions relating to the value of a person's assets
 (1) In section 44‑26A, and in this section:
child: without limiting who is a child of a person for the purposes of this section and section 44‑26A, each of the following is the child of a person:
 (a) a stepchild or an