1.1.F.135 Financial investments

Usage

The definition of financial investment applies to all income support payments and some concession programs.

Act reference: SSAct section 23(1)-'income support payment'

Definition: financial investment

For income and assets test purposes, a financial investment is defined as:

  • available money, or
  • deposit money, or
  • a managed investment, or
  • a listed security, or
  • a loan that has not been repaid in full, or
  • an unlisted public security, or
  • gold, silver or platinum bullion, or
  • an asset-tested income stream (short term), or
  • from 1 January 2015, an asset-tested income stream (long term) that is an account-based pension, or
  • from 1 January 2015, an asset-tested income stream (long term) that is an account-based annuity.

Examples: Financial investments include:

  • cheque and savings accounts from banks, building societies and credit unions,
  • cash,
  • term deposits,
  • cash management accounts,
  • money held in solicitors' trust accounts,
  • managed investments,
  • investments in superannuation funds, approved deposit funds and deferred annuities held by income support recipients who are over age pension age,
  • account-based pension or account-based annuity,
  • bonds, debentures, unsecured notes, bank bills,
  • listed shares and securities,
  • loans made to individuals and business structures (i.e. private companies, trusts),
  • shares in unlisted public companies, and
  • gold and other bullion.

Act reference: SSAct section 9(1) Financial assets and income streams definitions, section 9(1)-'asset-tested income stream (short term)', section 9(1)-'asset-tested income stream (long term)', section 9(1)-'superannuation fund'

Policy reference: SS Guide 4.4 Deeming Provisions, 4.3 Ordinary Income, 4.6 Assets, 4.6.5.20 Assessing Fixed Term Deposits, Bonds, Securities, 4.6.5.40 Assessing Shares in Public Companies, 4.9.3.30 Means test assessment of asset-tested income streams (long term)

Last reviewed: 11 August 2014