Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 547G

             (1)  If (and only if) paragraph 547D(c) applies in working out the value of the assets of a person, assets of a business are treated in accordance with subsections (2) and (3). For this purpose, a business includes:

                     (a)  the carrying on of primary production; and

                     (b)  the provision of professional services.

             (2)  Subject to subsection (3), 75% of the value of a person's interest in the assets of a business is disregarded if the person, or his or her partner, is wholly or mainly engaged in the business and the business:

                     (a)  is owned by the person; or

                     (b)  is carried on by a partnership of which the person is a member; or

                     (c)  is carried on by a company of which the person is a member; or

                     (d)  is carried on by the trustee of a trust in which the person is a beneficiary.

             (3)  Subsection (2) does not apply to assets of a business that are of any of the following kinds:

                     (a)  cash on hand, bank deposits, bank bonds, or similar readily realisable assets;

                     (b)  shares in companies, or rights in relation to shares;

                     (c)  rights to deal in real or personal property;

                     (d)  assets leased out by the business, unless leasing is a major activity of the business;

                     (e)  assets used for private or domestic purposes by the owners of the business.