Social Security Act 1991

For the purposes of this Division, the adjusted net value of an asset owned by an individual is 100% of the net value of the asset.

For the purposes of this Division, the adjusted net value of an asset controlled by an individual is:

if the entity that owns the asset is a company and the company is a controlled private company in relation to the individual:

100% of the net value of the asset; or

if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or

if the entity that owns the asset is a trust and the trust is a controlled private trust in relation to the individual:

100% of the net value of the asset; or

if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or

if the entity that owns the asset is a business partnership—the individual’s share of the net value of the asset.

In making a determination under this section, the Secretary must comply with any relevant decision‑making principles.