Document ID: chunk:federal_register_of_legislation:C2025C00162:section:2
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 2
Character Range: 698204–700384

2                                                                 Person is partnered (partner getting pension or benefit)           $187,500                            $287,500

Note 1: For partnered (partner getting neither pension nor benefit) and partnered (partner getting pension or benefit) see subsection 4(11).
Note 2: For homeowner see subsection 11(4).
Note 3: If item 1 applies to a person, the value of all the assets of the person's partner are to be taken as being included in the value of the person's assets (see subsection (4)). If item 2 applies to a person, the value of the person's assets is only half the combined value of the person's assets and the assets of the person's partner (see subsection (5)).
Note 4: If benefit PP (partnered) is not payable to a person because of the value of the person's assets, the person may be able to take advantage of provisions dealing with financial hardship (see sections 1131 and 1132).
Note 5: The assets value limits of item 2 are indexed annually in line with CPI increases (see sections 1191 to 1194).
Note 6: The item 1 assets value limits are adjusted annually so that they are twice the corresponding item 2 limits (see subsections 1204(2) and (3)).
 (4) For the purposes of subsection (3), if the person is partnered (partner getting neither pension nor benefit):
 (a) the value of the person's assets includes the value of the partner's assets; and
 (b) the value of assets of a particular kind of the person includes the assets of that kind of the partner.
Note: For partnered (partner getting neither pension nor benefit) see subsection 4(11).
 (5) For the purposes of subsection (3), if the person is partnered (partner getting pension or benefit):
 (a) the value of the person's assets is taken to be 50% of the sum of the value of the assets of the person and the value of the assets of the person's partner; and
 (b) the value of the person's assets of a particular kind are taken to be 50% of the sum of the value of the assets of that kind of the person and the value of the assets of that kind of the person's partner.
Note: For partnered (partner getting pension or benefit) see subsection 4(11).