Document ID: chunk:federal_register_of_legislation:C2004A04996:front:0:p44
Version: federal_register_of_legislation:C2004A04996
Segment Type: other
Provision Reference: 
Character Range: 113612–116282

For liquid assets limit see paragraph (6)(b).

Liquid assets

"(5) In this section:

liquid assets, in relation to a person, means:

    (a) the person's cash; and

    (b) the person's shares in the capital of, and debentures of, a public company within the meaning of the Corporations Law; and

    (c) any amount deposited with, or lent to, a bank, building society, credit union or other financial institution by the person (whether or not the amount can be withdrawn or repaid immediately); and

    (d) any amount due, and able to be paid, to the person by, or on behalf of, a former employer of the person; and

    (e) any other readily realisable assets of the person;

but does not include an amount that is a qualifying eligible termination payment for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act.

Note: The Corporations Law is set out in section 82 of the Corporations Act 1989.

Definitions—assets and income

"(6) For the purposes of this section:

    (a) the value of the care receiver's assets or liquid assets is the sum of the values of the assets or liquid assets (as the case requires) of the following people:

(i) the care receiver;

(ii) if the care receiver has a partner—the partner;

      (iii) if the care receiver or the care receiver's partner has one or more FP children (within the meaning of the Social Security Act)—those FP children; and

    (b) the liquid assets limit for a care receiver is:

(i) if the care receiver is a member of a couple—$10,000; or

SCHEDULE 6—continued

(ii) if the care receiver is not a member of a couple—$6,000; and

    (c) the care receiver's taxable income for a particular financial year is the care receiver's taxable income for that year as worked out under section 53AB.

Note: For liquid assets see subsection (5).

Threshold amount

"(7) For the purposes of paragraphs (2)(c), (3)(b) and (4)(c), the threshold amount is the amount worked out using the formula:

where:

maximum basic service pension is the maximum basic rate of service pension payable, as at the last 1 January, under this Act to a person who has a partner.

number of FP children means the number of FP children (within the meaning of the Social Security Act) of the care receiver or the care receiver's partner (if the care receiver has a partner).

    Note: For the maximum basic rate of service pension see point 42-B1 of the Service Pension Rate Calculator Where There Are Dependent Children in section 42.

Increase in assets value hardship limits

"(8) If there is in force under subsection 198N(7) of the Social Security Act a determination increasing an amount referred