1.1.A.290 Asset


This definition applies to all payments.


Please refer to the definition of this term in the SSAct.


The Act definition uses the term 'property'. Property includes:

  • personal effects and household contents such as:
    • clothing,
    • jewellery,
    • hobby collections,
    • furniture,
    • paintings and works of art,
    • soft furnishings, and
    • electrical appliances other than fixtures such as stoves and built in items,
  • motor vehicles, caravans and boats,
  • real estate including holiday homes,
  • businesses and farms,
  • surrender value of life insurance policies,
  • asset tested income stream products,
  • financial investments including:
    • cash,
    • bank, building society and credit union accounts,
    • term deposits,
    • bonds and debentures,
    • managed investments,
    • listed shares and securities,
    • loans to family trusts, family members or organisations,
    • amounts disposed of without adequate financial return,
    • gifts above $10,000 per pension year (pre 1 July 2002),
    • gifts above $10,000 in a single financial year, or gifts exceeding $30,000 over a 5 financial year rolling period (on or after 1 July 2002),
    • bullion,
    • investments in superannuation funds, approved deposit funds and deferred annuities after age pension age, and
  • ECs (1.1.E.130) to retirement villages (1.1.R.270) IF less than the extra allowable amount (1.1.E.240) at time of entry.

Act reference: SSAct section 11(1)-'asset', section 9(1)-'superannuation fund', section 23(5A) to (5D) Pension age

Last reviewed: 15 August 2016