Assets Value of Personal Effects, Household Contents, Vehicles and Cash

Last amended: 8 February 2013

Personal effects and household contents

The net market value of the personal effects and household contents of a person or a couple is assessed as being $10,000 unless the person satisfies the Commission that the value of the assets is less than $10,000.

A person is always required to declare if the net market value of personal effects and household contents exceeds $10,000.     

Value of vehicles

A person's estimate of the market value of their vehicle is accepted unless the valuation:

• is significantly over or understated, and
• would affect their payability or rate.

Vehicles include a motor vehicle, motor cycle, trailer, caravan (other than the principal home), or boat (other than the principal home). Australian Government vehicles provided under the Vehicle Assistance Scheme however, are disregarded assets.    

Deposits on vehicles and other personal assets

A deposit placed by a pensioner on a vehicle or on other personal assets, in order to acquire the asset, represents the pensioner's interest in that asset, and should be recorded as a non-financial asset.  The deposit money is no longer accessible to the pensioner as available money, or as an accessible financial institution balance, and should no longer be deemed.  If the asset purchase does not proceed and the deposit money is refunded to the pensioner, the deposit amount is then restored as a financial asset at that time.

Value of Cash on hand

The person's estimate of the value of cash on hand other than that held to meet day-to-day expenses is accepted.