Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Act, unless the contrary intention appears:
"accommodation bond" has the same meaning as in the Aged Care Act 1997 .
"accommodation bond balance" has the same meaning as in the Aged Care Act 1997 .
"accommodation charge" has the same meaning as in the Aged Care Act 1997 .
"asset" means property or money (including property or money outside Australia).
Note: However, certain property or money is to be disregarded when calculating the value of a person's assets for certain purposes (for example, see subsection 52(1)).
"daily accommodation contribution" has the same meaning as in the Aged Care Act 1997 .
"daily accommodation payment" has the same meaning as in the Aged Care Act 1997 .
"dispose of assets" has the meaning given by section 52E.
"family member" , in relation to a person, means:
(a) the partner or a parent of the person; or
(b) a sister, brother or child of the person; or
(c) another person who, in the Commission's opinion, should be treated for the purposes of this definition as one of the person's relations described in paragraph (a) or (b).
"fishing operations" means:
(a) operations relating directly to the taking or catching of fish, turtles, crustacea, oysters or other shellfish; or
(b) oyster farming; or
(c) pearling operations;
but does not include:
(d) whaling; or
(e) operations conducted otherwise than for the purposes of a business.
"foreign superannuation fund" has the same meaning as in the Income Tax Assessment Act 1997 .
"foreign superannuation pension" means a pension presently payable from a foreign superannuation fund.
"forest operations" means:
(a) the planting or tending in a plantation or forest of trees intended for felling; or
(b) the felling of trees in a plantation or forest;
but does not include operations conducted otherwise than for the purposes of a business.
"pension year" has the meaning given by subsections (9) and (9A).
"primary producer" means a person whose principal occupation is primary production.
"primary production" means production resulting directly from:
(a) the cultivation of land; or
(b) the maintenance of animals or poultry for the purpose of selling them or their bodily produce, including natural increase; or
(c) fishing operations; or
(d) forest operations;
and includes the manufacture of dairy produce by the person who produced the raw material used in that manufacture.
"principal home" has the meaning given by section 5LA.
"property owner" has the meaning given by subsection (4).
"reasonable security of tenure" has the meaning given by subsection 5LA(10).
"refundable deposit" has the same meaning as in the Aged Care Act 1997 .
"refundable deposit balance" has the same meaning as in the Aged Care Act 1997 .
"unrealisable asset" has the meaning given by subsections (11) and (12).
"value of a charge or encumbrance on an asset" has the meaning given by subsection (3).
"value of a liability" has the meaning given by subsection (3A).
"value of a particular asset" has the meaning given by subsection (2).
(2) A reference in this Act to the value of a particular asset of a person is, if the asset is owned by the person jointly or in common with another person or persons, a reference to the value of the person's interest in the asset.
(3) A reference in this Act to the value of a charge or encumbrance on an asset of a person is, if the asset is owned by the person jointly or in common with another person or persons, a reference to the value of that charge or encumbrance in so far as it relates to the person's interest in the asset.
(3A) A reference in this Act to the value of a liability of a person is, if the liability is shared by the person with another person, a reference to the value of the person's share of the liability.
(3B) To avoid doubt, an accommodation bond balance (within the meaning of the Aged Care Act 1997 ) in respect of an accommodation bond (within the meaning of that Act: see subsection (1) of this section) paid by a person is taken to be an asset of the person.
(3BA) To avoid doubt, a refundable deposit balance (within the meaning of the Aged Care Act 1997 ) in respect of a refundable deposit (within the meaning of that Act: see subsection (1) of this section) paid by a person is taken to be an asset of the person.
(3C) To avoid doubt, a person's entitlement to be paid a pension bonus or pension bonus bereavement payment is taken not to be an asset of the person for the purposes of this Act.
(3D) Subsection (3C) is to be disregarded in determining whether any other entitlement is an asset for the purposes of this Act.
(4) For the purposes of this Act:
(a) a person who is not a member of a couple is a property owner if:
(i) the person has a right or interest in the person's principal home; and
(ii) the person's right or interest in the home gives the person reasonable security of tenure in the home; and
(b) a person who is a member of a couple is a property owner if:
(i) the person, or the person's partner, has a right or interest in one residence that is:
(A) the person's principal home; or
(B) the partner's principal home; or
(C) the principal home of both of them; and
(ii) the person's right or interest, or the partner's right or interest, in the home gives the person, or the person's partner, reasonable security of tenure in the home; and
(c) a person (whether a member of a couple or not) is a property owner while:
(i) the whole or a part of the proceeds of the sale of the person's principal home are disregarded under subsection 52(2); or
(ii) the value of a residence, land or a structure is disregarded under subsection 52(2).
Note: See also sections 52KA- 52X (special residences).
Pension year--disposal of assets
(9) A reference in sections 52E to 52J (disposal of assets) to a pension year , in relation to a person who is receiving a service pension, income support supplement, a veteran payment or a social security pension is a reference to:
(a) if the person is a member of a couple and the person and the person's partner were, immediately before they became members of that couple, receiving a service pension, income support supplement, a veteran payment or a social security pension--the period of 12 months commencing on the day on which they became members of that couple; or
(b) in a case (not being a case referred to in paragraph (a)) where the person is a member of a couple and the person's partner is receiving a service pension, income support supplement, a veteran payment or a social security pension--the period of 12 months commencing on the day on which a service pension, income support supplement, a veteran payment or a social security pension first became payable to the person or to the person's partner, whichever was the earlier; or
(c) in any other case--the period of 12 months commencing on the day on which a service pension, income support supplement, a veteran payment or a social security pension first became payable;
and to each succeeding and each preceding period of 12 months.
No pension year to extend beyond 30 June 2002
(9A) No period after 30 June 2002 is, or is a part of, a pension year of a person. If, apart from this subsection, a period beginning before 1 July 2002 and ending on or after that date would be a pension year of a person, the part of that period that ends immediately before that date is taken to be a pension year of the person.
(10) The lending of money after 22 May 1986 is not a disposition of an asset for the purposes of section 52E.
Pre - pension year--disposal of assets
(10A) A reference in sections 52FA and 52GA (disposal of assets) to a pre - pension year , in relation to a person who is claiming:
(a) a service pension; or
(b) income support supplement; or
(c) a social security pension;
is a reference to the period of 12 months ending on the day that is the person's provisional commencement day and each preceding period of 12 months.
Note: A disposition of assets that is more than 5 years old is disregarded (see section 52J).
No pre - pension year to extend beyond 30 June 2002
(10B) No period after 30 June 2002 is, or is a part of, a pre - pension year of a person. If, apart from this subsection, a period beginning before 1 July 2002 and ending on or after that date would be a pre - pension year of a person, the part of that period that ends immediately before that date is taken to be a pre - pension year of the person.
(11) An asset of a person is an unrealisable asset if:
(a) the person cannot sell or realise the asset; and
(b) the person cannot use the asset as a security for borrowing.
(12) For the purposes of the application of this Act to a service pension, income support supplement or a veteran payment, an asset of a person is also an unrealisable asset if:
(a) the person could not reasonably be expected to sell or realise the asset; and
(b) the person could not reasonably be expected to use the asset as a security for borrowing.