Document ID: chunk:federal_register_of_legislation:C2024A00104:section:330:p2
Version: federal_register_of_legislation:C2024A00104
Segment Type: section
Provision Reference: s 330 (pt 2/3)
Character Range: 538881–541385

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 Governor determines to be the amount:
 (a) if the individual is receiving a service pension, an income support supplement or a veteran payment—that would be included in the value of the individual's assets if Subdivisions B and BB of Division 11 and Subdivision H of Division 11A of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act; and
 (b) otherwise—that would be included in the value of the individual's assets if Division 2 of Part 3.12 and Division 8 of Part 3.18 of the Social Security Act 1991 applied for the purposes of this Act.
Note 1: Subdivisions B and BB of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986, and Division 2 of Part 3.12 of the Social Security Act 1991, deal with disposal of assets.
Note 2: Subdivision H of Division 11A of Part IIIB of the Veterans' Entitlements Act 1986, and Division 8 of Part 3.18 of the Social Security Act 1991, deal with the attribution to individuals of assets of private companies and private trusts.
 (5) If an individual has paid a refundable deposit, the value of the individual's assets is taken to include the amount of the refundable deposit balance.

Excluding value of home
 (6) In working out the value at a particular time of the assets of an individual who is or was a homeowner, disregard the value of a home that, at the time, was occupied by:
 (a) the partner or a dependent child of the individual; or
 (b) a carer of the individual who:
 (i) had occupied the home for the past 2 years; and
 (ii) was eligible to receive an income support payment at the time; or
 (c) another close relation of the individual who:
 (i) had occupied the home for the past 5 years; and
 (ii) was eligible to receive an income support payment at the time.
 (7) In working out the value at a particular time of the assets of an individual who is or was a homeowner, disregard the value of a home to the extent that it exceeded the amount prescribed by the rules in force at that time.
 (8) For subsection (7), the value of a home is the value worked out after applying subsections (1), (12) and (13).

Other amounts excluded
 (9) The rules may prescribe amounts that are to be taken, in relation to specified kinds of individuals, to be excluded from a determination under