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Table 5 Assets


What to Verify

What to Request

Who to Contact for Information

Real estate

  1. Pensioner's share of real estate (e.g. 100%, or 50% etc. if tenant in common). If joint tenancy each pensioner holds 100% interest, but hold 50% whilst co-owner is living.
  2. Date obtained and if required date disposed.
  3. Did gifting occur, or was any inadequate consideration received?
  4. Asset value at time of acquisition.
  5. Asset value for periods of ownership.
  6. Asset value at time of disposal/gifting.
  7. Any amounts owing by pensioner(s) on real estate
    NB must be a charge or encumbrance as defined in s.52C.

Copies of documents relating to purchase or sale.

Rates notices for the relevant period.

If gifting occurred, the date of effect of the transfer and to whom the real estate was gifted.

Initially the pensioner should be able to provide the documents, but better to go direct to the Australian Valuation Office as they can also provide the value of the real estate on the departmental review dates.

Check with your supervisor for the dates the Department reviewed property values during the overpayment period and only use these dates when calculating.

The AVO can also supply copies of titles if required. For example, this may be required where a denunciation is made that a person owns additional real estate.

If access is provided in your State Office Information may also be supplied quickly through an information broker on the internet.

Financial Institutions

  1. Date account opened.
  2. Initial amount invested
  3. Dates and amounts of any increases in the balance (including interest payments paid back in to the account).

Investment certificates, statements, or account books.

A statement of account from the financial institution, including all the details listed in What to Verify.

The pensioner may have all the certificates/ statements you require.

If not contact the financial institution(s) and request a full statement of the required details or have them complete a departmental financial institution questionnaire.

Public Shares

  1. Type of shares.
  2. How the shares were obtained?
  3. Who owns the shares?
  4. Date shares obtained.
  5. Date shares disposed of.
  6. Asset value of shares during o/p period.

Share certificates.

Schedule from the company.

Stock Broker records.

Pensioner should be able to supply the certificates.

The company will provide a print out of the share records for the pensioner(s).

Stock Broker for his/her records.

Financial Review can provide share values.

For historical record of share values contact the Investment Database Unit.

Managed Investments – including Approved Deposit Funds

  1. Fund Manager and name of investment.
  2. Type of investment (i.e. unit based or portfolio based)
  3. Date purchased.
  4. Amount of initial investment.
  5. Dates and amounts of any increases or reductions to the number of units held.
  6. Value of units during overpayment period.

Investment certificates.

A statement of the details of investment for overpayment period as listed in What to Verify.

Pensioner should have some of the certificates.

The Fund Manager can provide copies of the certificates or a statement of the investment.

The Investment Database Unit or your supervisor should be able to provide a historical record of departmental review dates for managed investments and the asset amounts for those dates.

Life Insurance Policies

  1. Type of policy.
  2. Date policy commenced.
  3. Amount of initial investment.
  4. Current surrender value.

Copy of certificate.

Copy of advices to pensioner(s).

Pensioner can provide copies of certificates.

Paying company can provide details of policy for historical and current assessment.


  1. How many partners.
  2. Asset values for period.
  3. Individual partnership funds details for each pensioner to establish the current and historical share of partnership assets.
  4. The market value of any real property to make any adjustments to the partnership funds.

Request personal and if available (or prepared) signed and dated partnership tax returns and financial statements, including the balance sheet.

Initially contact the pensioners and/or their accountant.

AVO can provide historical information on any properties that require valuation. Other asset values are to be taken off the balance sheets.

Private Company (private shares)

Cases identified relating to private companies or family trusts should be immediately forwarded to the Trusts and Companies Team, Income Support Branch, National Office. If a claimant is involved in a private trust or company then the claim is processed by the Trusts and Companies Review Team.

Sole Trader

  1. When commenced operating.
  2. Asset value of business.

Signed and dated personal tax returns, including balance sheet.

A statement from the pensioner(s) to verify when the business commenced operating.

Initially contact the pensioners and/or their accountant.

Keep in mind that with a sole trader the assets of the business are their assets.

The AVO can provide property valuations.

Private Trusts

Cases identified relating to private companies or private trusts including family trusts should be immediately forwarded to the Trusts and Companies Team, Income Support Branch, National Office. If a claimant is involved in a private trust or company then the claim is processed by the Trusts and Companies Review Team.

Debts owed to the Pensioner

  1. How much is owed?
  2. When did the loan occur?
  3. What was the amount of the initial loan?
  4. What is the amount if any, of interest being charged?
  5. Were there any variations in the loan balance?

Pensioner's records.

If there is a formal agreement (such as a mortgage loan through a solicitor), obtain a copy of the agreement.

If loan is to a company etc, then action as for private companies above, i.e. forward case to the Trust and Companies team in National Office.

Pensioner(s) should be able to provide any documentation if there is a formal agreement.

If an informal arrangement then a statutory declaration should be obtained from the pensioner. In some cases a supporting statement from the debtor may be required. In addition copies of bank statements or a passbook may also indicate a withdrawal or transfer of funds.

Overseas Assets

  1. Type of asset.
  2. Date obtained.
  3. Value at date obtained and at suitable points in the overpayment period.
  4. In whose name the asset(s) are held.
  5. Amount of charges or encumbrances.

Copies of the original documents of sale/purchase.

Copies of any documents showing increases/reductions in amounts held in financial institutions or other investment types.

In the first instance the pensioner.

Tasmanian State Office can help you with the investigation of these cases as they handle the reviews of overseas pensions.

If the asset is shares you may be able to get values through your State or local library by accessing overseas financial newspapers. The IDU can assist.


  1. Date purchased.
  2. How much (if any) is owed by the pensioner?
  3. If applicable, date of disposal.
  4. Value during overpayment period.

Original purchase/sale documents.

Details of any amounts owing.

The pensioners may be able to provide all the details, including documentation. If not, contact the seller, finance company, bank, etc, if purchased with a loan.

The AVO may value vehicles at points in time if required.

Other assets
(such as Taxi licences, private collections etc)

  1. Date acquired.
  2. Value at time of acquisition.
  3. Value during overpayment period.

Documents of purchase.

Details of any loans to make purchase.

In whose name the asset is held.

If the pensioners cannot supply the documents required then go to the source of the purchase (i.e. the seller).

Collectibles can be valued historically by a recognised auction house or collector (found in phone book or referred to by the auction house).

Road Traffic Authorities can value taxi licences.

Jewellers should be able to provide values on collections of jewellery.

The AVO commonly values property, including taxi plates and licences and commercial leaseholds.

Notes on table 5

With Assets overpayments it is important to remember to request details as at departmental review dates. For instance for properties, the initial value should be requested for the date of grant of service pension or the acquisition of the property, whichever is the later, and subsequent reviews of the asset value should be requested for the date the Department normally reviews properties, i.e. June each year. The same applies for managed investments and shares in March and September.

However, for private companies and tax return assessments, the first payday in the financial year is the date to be used for review.