• money in bank, building society and credit union accounts;
• investments in shares, managed investments, bonds and debentures;
• vehicles (including cars, boats and caravans);
• household contents and personal effects;
• businesses, companies and partnerships;
• real estate (other than the principal residence);
• properties (including farms) with over 2 hectares of land surrounding the principal home unless certain conditions are met;
• trusts;
• life assurance/insurance, based on the surrender value (the amount received on redeeming the policy);
• loans;
• gifts (totalling more than $10,000 in a financial year or totalling more than $30,000 in a rolling five year period);
• partially asset-test exempt income streams;
• asset-tested short term income streams;
• asset-tested long term income streams;
• asset-tested lifetime income streams;
• superannuation funds in the accumulation phase (including retail, industry, corporate, employer or public sector funds, retirement savings accounts and self managed superannuation funds) for pensioners who are over pension age (qualifying age for a war widow/widower or a wholly dependent partner);
• cash on hand over $500;
• bullion; and;
• collections (such as coins and stamps).

A number of less common assets may also be counted as assets for pension purposes. If you have any assets other than those mentioned above, contact DVA for information.

What assets are not counted?

The following assets are not counted under the assets test:

• principal place of residence which you own, including during any period (not exceeding 12 months) of temporary absence from your residence;
• lost or damaged principal place of residence which you own during an extended temporary absence of up to 24 months because you were experiencing delays beyond your control in rebuilding or acquiring your home;
• land up to 2 hectares surrounding your principal home, if it is on the same title and used for private and domestic purposes;
• all land on the same title as your principal home, if you are of veteran pension age, have lived on the land for 20 years or more and are making effective use of the land, where possible;
• the value or half the value of an asset-test exempt or partially asset-test exempt income stream purchased before 20 September 2007;
• the value of money in a superannuation fund (including retail, industry corporate, employer or public sector funds, retirement savings accounts and self managed superannuation funds) but only until you reach pension age (qualifying age for a war widow/widower or a wholly dependent partner) or commence a pension or income stream from the fund;
• the value of investments in a superannuation fund, or rollover fund (such as an approved deposit fund or a deferred annuity) but only until you reach pension age (qualifying age for a war widow/widower or a wholly dependent partner) or start to draw an income stream from the fund;
• the value of an interest in a granny flat or a sale leaseback home (conditions apply);
• the value of a cemetery plot for you or your partner and prepaid funeral expenses;
• up to two exempt funeral bonds (if the sum of the amount invested does not exceed the $13,500 funeral bond threshold and there is no prepaid funeral arrangement);
• aids and appliances for a disabled person (where that person is a DVA pensioner, their partner or dependent child);
• the value of medals awarded to you;
• the value of the former home in which you resided prior to you becoming an aged care resident, for up to two years from the day you entered a care situation;
• the value of a lump sum accommodation bond paid to a residential aged care facility;
• the principal place of residence which you own for up to 2 years while you are absent from that residence because you are personally providing community based care to another person; and;
• the value of the former home in which you resided prior to you becoming a permanent aged care resident, but only if you entered care before 1 January 2017, are renting out your former home and are:
  • paying a daily accommodation payment
  • paying a daily accommodation contribution
  • paying an accommodation charge; or
  • paying an accommodation bond wholly, or partly, by periodic payments.

If you sell your principal home the proceeds of the sale will be an exempt asset for up to 12 months, as long as you are planning to use the proceeds to buy another home. This asset exemption can be extended for up to an additional 12 months if you are experiencing delays beyond your control in acquiring a new home. However, you will be deemed to be earning interest on the proceeds in the meantime and this will be counted under the income test. For more information, please see Selling Your Home.

If you mortgage your principal home to fund another investment the mortgage is not transferable. This means that the full asset value of the other investment is assessable. A mortgage must be taken out against the investment property to allow a reduction in its asset value.