Document ID: chunk:federal_register_of_legislation:C2025C00162:section:11:p1
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 11 (pt 1/4)
Character Range: 193256–196033

11  Assets test definitions
 (1) In this Act, unless the contrary intention appears:
accommodation bond has the same meaning as in the Aged Care Act 1997.
accommodation bond balance has the same meaning as in the Aged Care Act 1997.
accommodation charge has the same meaning as in the Aged Care Act 1997.
asset means property or money (including property or money outside Australia).
charge exempt resident has the same meaning as in the Aged Care (Transitional Provisions) Act 1997.
daily accommodation contribution has the same meaning as in the Aged Care Act 1997.
daily accommodation payment has the same meaning as in the Aged Care Act 1997.
disposes of assets has the meaning given by section 1123.
exempt assets means assets described in subsection 1118(1).
fishing operations means:
 (a) operations relating directly to the taking or catching of fish, turtles, crustacea, oysters or other shellfish; or
 (b) oyster farming; or
 (c) pearling operations;
but does not include:
 (d) whaling; or
 (e) operations conducted otherwise than for the purposes of a business.
forest operations means:
 (a) the planting or tending in a plantation or forest of trees intended for felling; or
 (b) the felling of trees in a plantation or forest;
but does not include operations conducted otherwise than for the purposes of a business.
homeowner has the meaning given by subsection (4).
income year has the same meaning as in the Income Tax Assessment Act 1997.
pension year has the meaning given by subsections (10) and (10AAA).
primary producer means a person whose principal occupation is primary production.
primary production means production resulting directly from:
 (a) the cultivation of land; or
 (b) the maintenance of animals or poultry for the purpose of selling them or their bodily produce, including natural increase; or
 (c) fishing operations; or
 (d) forest operations;
and includes the manufacture of dairy produce by the person who produced the raw material used in that manufacture.
principal home has the meaning given by section 11A.
reasonable security of tenure has the meaning given by subsection 11A(10).
refundable deposit has the same meaning as in the Aged Care Act 1997.
refundable deposit balance has the same meaning as in the Aged Care Act 1997.
unrealisable asset has the meaning given by subsections (12) and (13).
value of a charge or encumbrance on an asset has the meaning given by subsection (3).
value of a liability has the meaning given by subsection (3A).
value of a particular asset has the meaning given by subsection (2).
Note: see also sections 1118 (certain assets to be disregarded in calculating the value of a person's assets), 1121 (effect of charge or encumbrance on value of property) and 1145‑1157 (retirement villages).
 (2) A