Exempt Assets 108-04080020

Does the customer have an exempt asset?

• Yes, go to Step 2
• No, record any assessable asset on relevant screen(s). For help, see Coding income and assets. Record details on a DOC

Procedure ends here.

Is the exempt asset monies received from the National Disability Insurance Scheme (NDIS)?

• Yes, DOC the receipt of the funds only. Do not code the funds as an asset on the customer's record
• No, go to Step 3

Is the exempt asset in a Special Disability Trust (SDT)?

• Yes:
• Any changes or updates to an SDT are actioned by the SDT Processing Team. Create an open work item using Fast Note. Select Complex Assessment, use Request for CAO action > CAO Special Disability Trust
• For SDT claims, see Special Disability Trust (SDT) - initial contact
• Procedure ends here
• No, go to Step 4

Has the customer had their home purchased by the ACT or NSW Governments under the scheme for homes that may be contaminated by loose fill asbestos installed as insulation?

• Yes:
• Tell the customer the amount received from the buyback, which is intended for the purchase of a new home, will be exempt from the assets test from the date that the payment was received. Any income, including deemed income, is also exempt from the income test. See Exempt income
• Example scenario: Customer is paid $500,000 under buyback scheme. Customer has advised they will use $500,000 to purchase new home. $500,000 is an exempt asset and no income, including deemed income, will be assessed on this amount. See Exempt lump sums for coding details. Customer must advise as soon as they purchase new property
• Verification it is a buyback home or the amount received should not be required
• Set a Manual Follow Up for 12 months
• Document the information provided by the customer and the notification obligations explained to them
• If the funds have been placed anywhere other than a bank account, contact the Income Support Means Test team
• Procedure ends here
• No, go to Step 5

Is the customer's exempt asset one of the following:

• compensation and insurance payments for damage to buildings, plant or personal effects
• principal home
• an inherited life, reversionary, remainder or contingent interest in an asset
• pre-paid funeral expense(s) or cemetery plot(s)
• disability aids
• car(s) gifted from the Commonwealth
• medals and/or decorations for valour that are not part of a collection or hobby
• native title right(s) or interest?

For more information including documents required and coding, see Resources page.

• Yes, go to Step 6
• No, go to Step 7

• If verification is required (depending on asset type), request the information verbally or in writing, and allow extra days for mail delivery. Record details on a DOC and tell the customer to provide documents, see Coding income and assets for Centrelink payments and services
• If the customer's asset circumstances have changed, see Verifying and recording assets changes
• Tell the customer of the outcome
• If verification is not required, record details on a DOC and tell the customer of the outcome. The Resources page has examples of exempt assets

Procedure ends here.

Is the customer's exempt asset an income stream?

• Yes, see Income streams. Procedure ends here
• No, go to Step 8

Is the customer's and or their partner's superannuation an exempt asset?

• Yes, record details on a DOC that customer has a superannuation fund. As the superannuation is exempt there is no need to provide documents. This will be needed when the customer turns Age Pension age. Procedure ends here
• No, go to Step 9

Is the customer vacating the principal residence and wants to see if it can be considered to be an exempt asset?

Select the link relevant to the customers circumstance:

• Vacation of principal home due to illness
• Change of address to an aged care home
• Sale of principal home
• Temporary vacation of principal home
• Permanent vacation of principal home