This topic discusses how to assess a customer's or couple's (1.1.M.120)
A customer's or couple's personal effects and household contents are assessed as being $10,000, UNLESS the customer advises a different amount.
If the customer advises that the net market value (1.1.M.40) of their personal effects and household contents is less than $10,000:
If the customer's valuation appears to be significantly understated:
A customer is ALWAYS required to declare the value of personal effects and household contents IF that value exceeds $10,000.
Act reference: SSAct section 1118(3) For the purposes of this section…
A customer's estimate of the market value of their vehicle is accepted UNLESS the valuation:
Explanation: Vehicles include a motor vehicle, motor cycle, trailer, caravan (other than the principal home (section 11A(1)), or boat (other than the principal home).
Exception: Commonwealth vehicles provided under the 'gift car scheme' are an exempt asset (1.1.E.170).
Act reference: SSAct section 11A(1) Principal home
The customer's estimate of the value of cash on hand other than that held to meet day-to-day expenses is accepted. On call deposits with a bank, credit union or building society are assessed at face value.
Act reference: SSAct section 1118 Certain assets to be disregarded in calculating the value of a person's assets
Policy reference: SS Guide 2.2.3 Verifying Financial Information
Last reviewed: 2 January 2007