Document ID: chunk:federal_register_of_legislation:C2025C00162:section:5:p6
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 5 (pt 6/8)
Character Range: 1674668–1677921

value of the person's assets does not exceed the person's assets value limit, the person's assets excess is nil.
           Step 5. If the value of the person's assets exceeds the person's assets value limit, the person's assets excess is the value of the person's assets less the person's assets value limit.
           Step 6. Use the person's assets excess to work out the person's reduction for assets using points 1064‑G4 to 1064‑G7 below.
Note 1: See point 1064‑A1 (steps 9 and 10) for the significance of the person's reduction for assets.
Note 2: The application of the assets test is affected by provisions concerning disposal of assets (sections 1123 to 1128), retirement villages (sections 1145 to 1157) and financial hardship (sections 1129 and 1130).

Value of assets of members of couples
 1064‑G2 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
 1064‑G3 A person's assets value limit is worked out using Table G‑1. Work out the person's family situation and home ownership situation. The assets value limit is the corresponding amount in column 3.

Table G‑1—Assets value limit
Column 1                      Column 2                                                 Column 3
                                                                                       Assets value limit
Item                          Person's family situation                                Column 3A                           column 3B
                                                                                       Either person or partner homeowner  Neither person nor partner homeowner
1.                            Not member of a couple                                   $250,000                            $450,000
2.                            Partnered (partner getting neither pension nor benefit)  $187,500                            $287,500
3.                            Partnered (partner getting pension or benefit)           $187,500                            $287,500

Note 1: For member of a couple, partnered (partner getting neither pension nor benefit) and partnered (partner getting pension or benefit) see section 4.
Note 2: For homeowner see section 11.
Note 3: Items 2 and 3 apply to members of illness separated and respite care couples.
Note 4: The assets value limits are indexed or adjusted annually in line with CPI increases (see sections 1191 to 1194 and 1203).

Pension reduction for assets in excess of assets value limit
 1064‑G4 A person's reduction for assets is worked out using Table G‑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 G‑2—Reduction for assets
Column 1                        Column 2                                                  Column 3
Item