1.1.A.290 Asset

Usage

This definition applies to all payments.

Definition

Please refer to the definition of this term in the Social Security Act 1991.

Property

The Act definition uses the term 'property'. Property includes:

• personal effects and household contents such as:
  • clothing,
  • jewellery,
  • hobby collections,
  • furniture,
  • paintings and works of art,
  • soft furnishings, and
  • electrical appliances other than fixtures such as stoves and built in items,
• motor vehicles, caravans and boats,
• real estate including holiday homes,
• businesses and farms,
• surrender value of life insurance policies,
• asset tested income stream products,
• financial investments including:
  • cash,
  • bank, building society and credit union accounts,
  • term deposits,
  • bonds and debentures,
  • managed investments,
  • listed shares and securities,
  • loans to family trusts, family members or organisations,
  • amounts disposed of without adequate financial return,
  • gifts above $10,000 per pension year (pre 1 July 2002),
  • gifts above $10,000 in a single financial year, or gifts exceeding $30,000 over a 5 financial year rolling period (on or after 1 July 2002),
  • bullion,
  • investments in superannuation funds (section 9(1)-'superannuation fund'), approved deposit funds and deferred annuities after age pension age (section 23(5A)), and
• ECs (1.1.E.130) to retirement villages (1.1.R.270) IF less than the extra allowable amount (1.1.E.240) at time of entry.

Act reference: SSAct section 11(1)-'asset'

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Last reviewed: 6 March 2006