(1) A special benefit is not payable to a person if:
(a) the person is not excluded from the special benefit assets test; and
(b) the value of the person's assets exceeds the person's assets value limit.
(2) A person is excluded from the special benefit assets test if the person:
(a) has not turned 18; and
(b) is not independent within the meaning of section 1067A.
(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 the assets value limit column.
Assets value limit table | |||
Column 1 | Column 2 | Column 3 Assets value limit | |
Item | Person's family situation | Column 3A | Column 3B |
1. | $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 734(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 734(2)).
Note 4: If a special benefit 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 (see 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)).