Document ID: chunk:federal_register_of_legislation:C2004A04771:front:0:p56
Version: federal_register_of_legislation:C2004A04771
Segment Type: other
Provision Reference: 
Character Range: 144537–148317

particular kind of a member of a couple is to be taken to be 50% of the sum of:

        (i) the value of the person's assets of that kind; and

        (ii) the value of the person's partner's assets of that kind.

Assets value limit

"45X-F3. A person's assets value limit is worked out using Table F-l. Work out the person's family situation and property ownership situation. The assets value limit is the corresponding amount in column 3.

TABLE F-1
ASSETS VALUE LIMIT
column 1            column 2                                                 column 3
                                                                             assets value limit
                                                                             column 3A                                column 3B
item no.              person's family situation                              either person or partner property owner  neither person nor partner property owner
  1.                Not member of couple                                        $115,000                              $197,000
  2.                Partnered (partner getting neither pension nor benefit)     $81,750                               $122,750
  3.                Partnered (partner getting pension or benefit)              $81,750                               $122,750

    Note 1: For 'member of a couple', 'partnered (partner getting neither pension nor benefit)' and 'partnered (partner getting benefit or pension)' see section 5E.
Note 2: For 'property owner' see section 5L.
Note 3: Items 2 and 3 apply to members of illness separated and respite care couples.
    Note 4: The assets value limit in column 3B of item 1 is adjusted annually in line with CPI increases (see section 59H). The other assets value limits are indexed annually in line with CPI increases (see sections 59B to 59E).

Reduction for assets in excess of assets value limit

"45X-F4. A person's reduction for assets is worked out using Table F-2. Work out which family situation applies to the person. The reduction for assets is the amount per year worked out using the corresponding calculations in column 3.

          TABLE F-2
          REDUCTION FOR ASSETS
column 1  column 2                                                 column 3
item no.  person's family situation                                reduction
1.        Not member of couple                                     [assets excess] × 19.50
                                                                   250
2.        Partnered (partner getting neither pension nor benefit)  [assets excess] × 19.50
                                                                   250
3.        Partnered (partner getting benefit)                      [assets excess] × 19.50
                                                                   250
4.        Partnered (partner getting pension)                      [assets excess] × 19.50
                                                                   250

    Note 1: For 'member of a couple', 'partnered (partner getting neither pension nor benefit)', 'partnered (partner getting benefit)' and 'partnered (partner getting pension)' see section 5E.
Note 2: 'Social security pension' includes a rehabilitation allowance.
Note 3: For 'assets excess' see point 45X-F5 below.

Assets excess

"45X-F5. A person's assets excess is the value of the person's assets less the person's asset value limit.

"45X-F6. In calculating a person's assets excess under point 45X-F5 disregard any part of the excess that is not a multiple of $250.

"Subdivision C—Income Support Supplement Rate Calculator Where There Are Dependent Children

Rate of income support supplement (dependent child or children)

"45Y.(1) If a person entitled to income support