Cars, Motorcycles, Campervans and Boats
Current market value - we suggest the use of Redbook |
http://www.redbook.com.au/ |
Real Estate (Investment)
Current market value - Centrelink may arrange a valuation directly at no cost |
https://www.humanservices.gov.au/customer/enablers/real-estate-assets |
Retirement Village Contribution
Depends on amount paid and whether you then qualify as a "homeowner" |
https://www.humanservices.gov.au/customer/enablers/real-estate-assets |
Granny Flats
Can be complex - the amount transferred or paid to the owner istaken as the granny flat value but a "reasonableness test" can apply to assess whether there has been a deprivation of assets. |
https://www.servicesaustralia.gov.au/how-we-assess-granny-flat-interests?context=22526 |
Collections, Precious Metals and Jewellery
Market value |
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Home Contents
Market Value - will be assessed as being $10,000 unless the person advises a different amount |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/10 |
Bank and Term Deposits
Face Value |
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Shares, Securities and Unit Trusts Publicly Traded
Current Market Value |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/20 |
Shares and Securities NOT Publicly Traded
Amount paid for the investment, unless supporting information supports an alternative valuation |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/20 |
Unexpired Leasehold Interests
Current market value - Centrelink may arrange valauation directly at no cost |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/30 |
Life, Trauma, TPI and income protection insurance
No asset value unless the product has an investment component, in which case the value is the surrender value |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/70 |
Insurance Bonds
Account value OR the value of individual units multiplied by the number of units |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/70 |
Whole of Life or Endowment Policies
Policy surrender value |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/70 |
Income Streams
This is a complicated area. From 1 January 2015, account based income stream balances are (along with an individual's other financial assets) deemed for income test purposes. Income streams arranged earlier may be either fully or partially exempt for assets test purposes subject to conditions - contact your Income stream provider or Centrelink to precisely determine. |
https://www.humanservices.gov.au/customer/enablers/income-streams
http://guides.dss.gov.au/guide-social-security-law/4/9/2/15
https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/age-pension/deeming-information |
Superannuation - Accumulation Funds
Account balance if over pension age |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/75 |
Interest in a Deceased Estate
This is an assessable asset but Exempt until received or able to be received. Normal valuation rules apply and if you waive an interest Deprivation provisions apply |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/80 |
Loans Made
Valued at amount owed, not including any outstanding interest. Non performing loans may be exempted from deeming, subject to discretion. Guaranteeing a loan does not result in a disposal of assets. |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/60 |
Home Equity Conversion Loans
The first $40,000 of an unspent home equity conversion loan is an exempt asset, and not subject to deeming, for 90 days. Otherwise full amount is subject to deeming rates of return. |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/90 |
Overseas Income Products
Purchased price less all previous payments - reassessed annually |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/100 |
Failed Financial Investments
The last recorded value before appointment of the receiver, until the receiver quotes an alternative value. May be exempt for income deeming purposes. |
http://guides.dss.gov.au/guide-social-security-law/4/6/5/110 |