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SOCIAL SECURITY ACT 1991 - SECT 680

Assets test--allowance not payable if assets value limit exceeded

             (1)  A sickness allowance is not payable to a person if the value of the person's assets is more than the person's assets value limit.

             (3)  A person's assets value limit is worked out using the following Table: work out which family situation applies to the person; the assets value limit is the corresponding amount in column 3.

 

Assets value limit table

Column 1

Column 2

Column 3

Assets value limit

Item

Person's family situation

Column 3A

Either person or partner homeowner

Column 3B

Neither person nor partner homeowner

1.

Not member of a couple

$250,000

$450,000

2.

Partnered (partner getting neither pension nor benefit)

$375,000

$575,000

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:       If item 2 applies to a person, the value of all the assets of the person's partner is to be taken as being included in the value of the person's assets (see subsection 681(1)--this is why the assets value limit is so high. If, on the other hand, item 3 applies to a person, the value of the person's assets is only half the combined value of the person's assets and the assets of the person's partner (see subsection 681(2)).

Note 4:       If a sickness allowance is not payable to a person because of the value of the person's assets, the person may be able to take advantage of provisions dealing with financial hardship (sections 1131 and 1132).

Note 5:       The assets value limits of items 1 and 3 in column 3A and item 3 in column 3B are indexed annually in line with CPI increases (see sections 1191 to 1194).

Note 6:       The assets value limit of item 1 in column 3B is adjusted annually (see subsection 1204(1)).

Note 7:       The item 2 assets value limits are adjusted annually so that they are twice the corresponding item 3 limits (see subsections 1204(2) and (3)).

             (4)  This section does not apply to a person during the period covered by subsection 646(2).



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