Residents in hardship

In assessing a residents assets to determine the amount of accommodation bond he or she will pay, any unrealisable assets the person has will be disregarded.

For these purposes, an unrealisable asset is as defined in subsection 11(12), subsection 11(13) and subsection 11(14) of the Social Security Act 1991.

Under that definition, an asset is unrealisable if a person cannot, or cannot reasonably be expected to:

• sell the asset;
• realise the asset; or
• use the asset as a security for borrowing.

Part of the definition of an unrealisable asset also enables specific assets of farmers to be regarded as unrealisable.