Document ID: chunk:federal_register_of_legislation:C2004A04771:front:0:p65
Version: federal_register_of_legislation:C2004A04771
Segment Type: other
Provision Reference: 
Character Range: 169755–173297

provisions concerning:
    • disposal of assets (sections 52E-52J);
    • retirement villages (sections 52K-52X);
    • financial hardship (sections 55Y and 55Z);
    • the pension loans scheme (sections 52ZA-52ZM).

Value of assets of members of couples

  "45Y-E2. For the purposes of this Module:

  (a) the value of the assets of a member of a couple is to be taken to be 50% of the sum of:

      (i) the value of the person's assets; and

      (ii) the value of the person's partner's assets; and

     (b) the value of the assets of a particular kind of a member of a couple is to be taken to be 50% of the sum of:

      (i) the value of the person's assets of that kind; and

      (ii) the value of the person's partner's assets of that kind.

Assets value limit

"45Y-E3. A person's assets value limit is worked out using Table E-1. Work out the person's family situation and property ownership situation. The assets value limit is the corresponding amount in column 3.

TABLE E-1
ASSETS VALUE LIMIT
column 1            column 2                                                 column 3
                                                                             assets value limit
column 3A           column 3B
item no.            person's family situation                                either person or partner property owner  neither person nor partner property owner
1.                  Not member of couple                                     $115,000                                 $197,000
2.                  Partnered (partner getting neither pension nor benefit)  $81,750                                  $122,750
3.                  Partnered (partner getting pension or benefit)           $81,750                                  $122,750

    Note 1: For 'member of a couple', 'partnered (partner getting neither pension nor benefit)' and 'partnered (partner getting pension or benefit)' see section 5E.
Note 2: For 'property owner' see section 5L.
Note 3: Items 2 and 3 apply to members of illness separated and respite care couples.
    Note 4: The assets value limit in column 3B of item 1 is adjusted annually in line with CPI increases (see section 59H). The other assets value limits are indexed annually in line with CPI increases (see sections 59B to 59E).

Reduction for assets in excess of assets value limit

"45Y-E4. A person's reduction for assets is worked out using Table E-2. Work out which family situation applies to the person. The reduction for assets is the amount per year worked out using the corresponding calculation in column 3.

          TABLE E-2
          REDUCTION FOR ASSETS
column 1  column 2                                                 column 3
item no.  person's family situation                                reduction
1.        Not member of couple                                     [assets excess] × 19.50
                                                                   250
2.        Partnered (partner getting neither pension nor benefit)  [assets excess] × 19.50
                                                                   250
3.        Partnered (partner getting benefit)                      [assets excess] × 19.50
                                                                   250

    Note 1: For 'member of a couple', 'partnered (partner getting neither pension nor benefit)', 'partnered (partner getting benefit)' and 'partnered (partner getting pension)' see section 5E.
Note 2: For 'additional amounts for dependent children' see subsection