Commonwealth Numbered Regulations

1990 No. 443 AUSTUDY REGULATIONS - REG 14

14. (1) Assets are any kind of property, whether in Australia or elsewhere,
unless they are excluded by regulations 15-18.

(2) If a person disposed of an asset in the last 5 years for unreasonably low
or no value:

   (a)  it is included in the person's assets; and

   (b)  its value is taken as its value when the person disposed of it less
        what he or she got for it; but this rule does not apply to assets
        disposed of before 23 August 1988.

(3) If a person reduces the value of an asset directly or indirectly, the
value of the asset is taken to be its value before the person acted (except
where the person reduces the value of a business by reducing the extent to
which he or she works in the business).

(4) A person's assets include any money owed to the person, but do not include
any interest on the money that is not yet due.

(5) A person's assets include:

   (a)  any benefit that the person is entitled to directly or indirectly out
        of the assets of a trust; and

   (b)  any asset of a trust that the person can deal with directly or
        indirectly to his or her advantage; and

   (c)  any interest in the assets of a trust that has been assigned to
        someone else but the person can directly or indirectly control.