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SOCIAL SECURITY ACT 1991 - SECT 733

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

  (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

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   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)).


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