Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5l:p2
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5L (pt 2/4)
Character Range: 157950–160343

by subsection 5LA(10).
refundable deposit has the same meaning as in the Aged Care Act 1997.
refundable deposit balance has the same meaning as in the Aged Care Act 1997.
unrealisable asset has the meaning given by subsections (11) and (12).
value of a charge or encumbrance on an asset has the meaning given by subsection (3).
value of a liability has the meaning given by subsection (3A).
value of a particular asset has the meaning given by subsection (2).
 (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.
 (3B) To avoid doubt, an accommodation bond balance (within the meaning of the Aged Care Act 1997) in respect of an accommodation bond (within the meaning of that Act: see subsection (1) of this section) paid by a person is taken to be an asset of the person.
 (3BA) To avoid doubt, a refundable deposit balance (within the meaning of the Aged Care Act 1997) in respect of a refundable deposit (within the meaning of that Act: see subsection (1) of this section) 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.

Property owner
 (4) For the purposes of this Act:
 (a) a person who is not a member of a couple is a property owner 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 property