Asset limit relating to eligible tenants—Act, s 58Q
2A Asset limit relating to eligible tenants—Act, s 58Q
For section 58Q(1)(c)(i) of the Act, the limit prescribed, for the combined total value of the assets of all members of the person’s household and any non-resident spouse of the person, is the value equivalent to 25% of the assets value limit.
For subsection (1), the assets value limit is the following assets value limit under the Social Security Act 1991 (Cwlth), section 1064-G3 as indexed or adjusted under that Act—
for 1 person—the assets value limit for a person who is not a member of a couple and is not a homeowner;
for 2 or more persons—the assets value limit for a partnered person, if neither the person nor their partner is a homeowner, multiplied by 2.
Note—
The current assets value limits are published in the Social Security Guide on the website of the Department of Social Services (Cwlth).
The combined total value of the persons’ assets must be worked out at the relevant time.
A person’s superannuation entitlements must be disregarded for this section if the person can not access the entitlements at the relevant time.
In this section—
relevant time means immediately before the residential tenancy agreement mentioned in subsection (1) is entered into.
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