Document ID: chunk:federal_register_of_legislation:C2025C00162:section:11:p2
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 11 (pt 2/4)
Character Range: 195782–198194

the meaning given by subsection (2).
Note: see also sections 1118 (certain assets to be disregarded in calculating the value of a person's assets), 1121 (effect of charge or encumbrance on value of property) and 1145‑1157 (retirement villages).
 (2) A reference in this Act to the value of a particular asset of a person is, if the asset is owned by the person jointly or in common with another person or persons, a reference to the value of the person's interest in the asset.
 (3) A reference in this Act to the value of a charge or encumbrance on an asset of a person is, if the asset is owned by the person jointly or in common with another person or persons, a reference to the value of that charge or encumbrance in so far as it relates to the person's interest in the asset.
 (3A) A reference in this Act to the value of a liability of a person is, if the liability is shared by the person with another person, a reference to the value of the person's share of the liability.
 (3AA) To avoid doubt, a refundable deposit balance in respect of a refundable deposit paid by a person is taken to be an asset of the person.
 (3B) To avoid doubt, an accommodation bond balance in respect of an accommodation bond paid by a person is taken to be an asset of the person.
 (3C) To avoid doubt, a person's entitlement to be paid a pension bonus or pension bonus bereavement payment is taken not to be an asset of the person for the purposes of this Act.
 (3D) Subsection (3C) is to be disregarded in determining whether any other entitlement is an asset for the purposes of this Act.

Homeowner
 (4) For the purposes of this Act:
 (a) a person who is not a member of a couple is a homeowner if:
 (i) the person has a right or interest in the person's principal home; and
 (ii) the person's right or interest in the home gives the person reasonable security of tenure in the home; and
 (b) a person who is a member of a couple is a homeowner if:
 (i) the person, or the person's partner, has a right or interest in one residence that is:
 (A) the person's principal home; or
 (B) the partner's principal home; or
 (C) the principal home of both of them; and
 (ii) the person's right or interest, or the partner's right or interest, in the home gives the person, or the person's partner, reasonable security of tenure in the home; and
 (c) a person (whether a member of a couple or not) is a homeowner while:
 (i) the