Document ID: chunk:federal_register_of_legislation:C2024A00104:section:330:p1
Version: federal_register_of_legislation:C2024A00104
Segment Type: section
Provision Reference: s 330 (pt 1/3)
Character Range: 536455–539109

330  Working out the value of an individual's assets
 (1) Subject to this section, the value of an individual's assets is the value worked out in accordance with Division 1 of Part 3.12 of the Social Security Act 1991, reduced by any compensation payments received by the person under:
 (a) the Compensation (Japanese Internment) Act 2001; or
 (b) the Veterans' Entitlements (Compensation—Japanese Internment) Regulations 2001; or
 (c) Part 2 of the Veterans' Entitlements (Clarke Review) Act 2004; or
 (d) Schedule 5 to the Social Security and Veterans' Affairs Legislation Amendment (One‑off Payments and Other 2007 Budget Measures) Act 2007.

Asset value where income stream and service pension, income support supplement or veteran payment
 (2) If an individual who is receiving a service pension, an income support supplement or a veteran payment has an income stream (within the meaning of the Veterans' Entitlements Act 1986) that was purchased on or after 20 September 2007, the value of the individual's assets:
 (a) is taken to include the amount that the System Governor determines to be the value of that income stream that would be included in the value of the individual's assets if Subdivision A of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act; and
 (b) is taken to exclude the amount that the System Governor determines to be the value of that income stream that would not be included in the value of the individual's assets if Subdivision A of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act.

Asset value where income stream and no service pension, income support supplement or veteran payment
 (3) If an individual who is not receiving a service pension, an income support supplement or a veteran payment has an income stream (within the meaning of the Social Security Act 1991) that was purchased on or after 20 September 2007, the value of the individual's assets:
 (a) is taken to include the amount that the System Governor determines to be the value of that income stream that would be included in the value of the individual's assets if Division 1 of Part 3.12 of the Social Security Act 1991 applied for the purposes of this Act; and
 (b) is taken to exclude the amount that the System Governor determines to be the value of that income stream that would not be included in the value of the individual's assets if Division 1 of Part 3.12 of the Social Security Act 1991 applied for the purposes of this Act.

Other amounts included
 (4) The value of an individual's assets is taken to include the amount that the System