1.1.F.135 Financial investments
Usage
The definition of financial investment applies to all income support payments (section 23(1)-'income support payment') and some concession programs.
Definition: financial investment
For income and assets test purposes, a financial investment is defined as:
- available money, or
- deposit money, or
- a managed investment, or
- a listed security, or
- a loan that has not been repaid in full, or
- an unlisted public security, or
- gold, silver or platinum bullion, or
- an asset-tested income stream (short term) (section 9(1)-'asset-tested income stream (short term)').
Examples: Financial investments include:
- cheque and savings accounts from banks, building societies and credit unions,
- cash,
- term deposits,
- cash management accounts,
- money held in solicitors' trust accounts,
- managed investments,
- investments in superannuation funds (section 9(1)-'superannuation fund'), approved deposit funds and deferred annuities held by income support recipients who are over age pension age,
- bonds, debentures, unsecured notes, bank bills,
- listed shares and securities,
- loans made to individuals and business structures (i.e. private companies, trusts),
- shares in unlisted public companies, and
- gold and other bullion.
Act reference: SSAct section 9(1) Financial assets and income streams definitions, section 23(1)-'income support payment'
Policy reference: SS Guide 4.4 Deeming Provisions, 4.3 Ordinary Income, 4.6 Assets, 4.6.5.20 Assessing Fixed Term Deposits, Bonds, Securities, 4.6.5.40 Assessing Shares in Public Companies
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Last reviewed: 6 December 2010
