1.1.R.15 Real assets (HEAS)
For the purposes of the HEAS (formerly PLS), 'real assets' in relation to a person or a couple means the real estate in Australia, including the principal home, owned by the person, their partner (1.1.P.85) or the claiming couple.
Act reference: SSAct section 11A(1) Principal home
Some assets are excluded
Real assets do not include any real estate the person, their partner or the couple wish to exclude as security from the HEAS debt.
Example: A married couple has real estate worth $250,000. They wish to exclude a holiday home worth $100,000 from assessment under the HEAS as they wish the house to be kept in the family for the use of their children and grandchildren. Accordingly, their eligibility under the HEAS will be assessed taking into account real assets of $150,000 only.
Policy reference: SS Guide 126.96.36.199 Security for HEAS