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AGED CARE ACT 1997 - SECT 44.26A

The value of a person's assets

             (1)  Subject to this section, the value of a person's assets for the purposes of section 44-22 is to be worked out in accordance with the Subsidy Principles.

             (2)  If a person who is receiving an * income support supplement or a * service pension has an income stream (within the meaning of the Veterans' Entitlements Act 1986 ) that was purchased on or after 20 September 2007, the value of the person's assets:

                     (a)  is taken to include the amount that the Secretary determines to be the value of that income stream that would be included in the value of the person's assets if Subdivision A of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act; and

                     (b)  is taken to exclude the amount that the Secretary determines to be the value of that income stream that would not be included in the value of the person's assets if Subdivision A of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act.

             (3)  If a person who is not receiving an * income support supplement or a * service pension has an income stream (within the meaning of the Social Security Act 1991 ) that was purchased on or after 20 September 2007, the value of the person's assets:

                     (a)  is taken to include the amount that the Secretary determines to be the value of that income stream that would be included in the value of the person's assets if Division 1 of Part 3.12 of the Social Security Act 1991 applied for the purposes of this Act; and

                     (b)  is taken to exclude the amount that the Secretary determines to be the value of that income stream that would not be included in the value of the person's assets if Division 1 of Part 3.12 of the Social Security Act 1991 applied for the purposes of this Act.

             (4)  The value of a person's assets is taken to include the amount that the Secretary determines to be the amount:

                     (a)  if the person is receiving an * income support supplement or a * service pension--that would be included in the value of the person's assets if Subdivisions B and BB of Division 11 and Subdivision H of Division 11A of Part IIIB of the Veterans' Entitlements Act 1986 applied for the purposes of this Act; and

                     (b)  otherwise--that would be included in the value of the person's assets if Division 2 of Part 3.12 and Division 8 of Part 3.18 of the Social Security Act 1991 applied for the purposes of this Act.

Note 1:       Subdivisions B and BB of Division 11 of Part IIIB of the Veterans' Entitlements Act 1986 , and Division 2 of Part 3.12 of the Social Security Act 1991 , deal with disposal of assets.

Note 2:       Subdivision H of Division 11A of Part IIIB of the Veterans' Entitlements Act 1986 , and Division 8 of Part 3.18 of the Social Security Act 1991 , deal with the attribution to individuals of assets of private companies and private trusts.

             (5)  If a person has paid a * refundable deposit, the value of the person's assets is taken to include the amount of the * refundable deposit balance.

             (6)  In working out the value at a particular time of the assets of a person who is or was a * homeowner, disregard the value of a home that, at the time, was occupied by:

                     (a)  the * partner or a * dependent child of the person; or

                     (b)  a carer of the person who:

                              (i)  had occupied the home for the past 2 years; and

                             (ii)  was eligible to receive an * income support payment at the time; or

                     (c)  a * close relation of the person who:

                              (i)  had occupied the home for the past 5 years; and

                             (ii)  was eligible to receive an * income support payment at the time.

             (7)  In working out the value at a particular time of the assets of a person who is or was a * homeowner, disregard the value of a home to the extent that it exceeded the * maximum home value in force at that time.

             (8)  The value of the assets of a person who is a * member of a couple is taken to be 50% of the sum of:

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

                     (b)  the value of the assets of the person's * partner.

             (9)  A reference to the value of the assets of a person is, in relation to an asset owned by the person jointly or in common with one or more other people, a reference to the value of the person's interest in the asset.

           (10)  A determination under paragraph (2)(a), (2)(b), (3)(a) or (3)(b) or subsection (4) is not a legislative instrument.



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