Last amended: 8 February 2013
VEA ? [2]
The net market value [3] 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 [3] 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.
More ? [4]
VEA ? [5]
A person's estimate of the market value of their vehicle is accepted unless the valuation:
Vehicles include a motor vehicle, motor cycle, trailer, caravan (other than the principal home [3]), or boat (other than the principal home). Australian Government vehicles provided under the Vehicle Assistance Scheme however, are disregarded assets [3].
More ? [6]
VEA ? [7]
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.
The person's estimate of the value of cash on hand other than that held to meet day-to-day expenses is accepted.
More ? [8]
The market value of an asset [3] is the point at which a willing purchaser and a willing, but not anxious vendor, would reach agreement.
The market value of an asset is only decreased by the value of an encumbrance secured against it. The market value of an asset is not reduced by any costs which may be incurred if the asset was to be sold.
According to Section 179 [19]of the VEA [19], the Commission is a body corporate under the name of Repatriation Commission.
The principal home has the meaning given by subsection 5LA(1) [19] of the VEA and subsection 5LA(2) [19] of the VEA. The principal home of a person is generally the place in which they reside. In certain circumstances, however, the principal home of a person can be the place in which they formerly resided. The following property is regarded as part of the principal home.
A disregarded asset is one that is not included when calculating the value of a person's assets under the assets test, irrespective of its value.
For a full legislative definition see Section 52 of the VEA [20].
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16368%23comment-form
[2] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn283
[3] https://clik.dva.gov.au/%23
[4] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn284
[5] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn285
[6] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn286
[7] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn287
[8] https://clik.dva.gov.au/book/export/html/16368#tgt-cspol_part10_ftn288
[9] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[10] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn283
[11] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/102-assets/1022-determining-value-asset/assessing-assets-encumbrances-and-loans
[12] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn284
[13] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn285
[14] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/92-residential-situation/923-additional-assessment-rules-certain-types-residences/mobile-home
[15] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn286
[16] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn287
[17] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/95-deeming-provisions/954-deeming-savings-investments
[18] https://clik.dva.gov.au/book/export/html/16368#ref-cspol_part10_ftn288
[19] http://clik.dva.gov.au/legislation-library
[20] http://www.comlaw.gov.au/Series/C2004A03268