An exempt asset is one that is disregarded when calculating the value of a person's [glossary:assets:296] under the [glossary:assets test:599]. Examples of exempt assets include:
- the value of a person's [glossary:principal home:349],
- any motor vehicle provided under the Vehicle Assistance Scheme,
- the value of any medal or decoration awarded for valour, other than used as an investment or hobby,
- up to two [glossary:funeral bonds:519] where the combined amount invested is within the [glossary:funeral bond threshold:648],
- a [glossary:prepaid funeral:342] or cemetery plot
- value of a [glossary:superannuation fund:257] investment prior to [glossary:pension age:316].
For a full legislative definition see section 52 of the VEA.