1.1.F.135 Financial investments
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,
- 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, 220.127.116.11 Assessing Fixed Term Deposits, Bonds, Securities, 18.104.22.168 Assessing Shares in Public Companies, 22.214.171.124 Means test assessment of asset-tested income streams (long term)