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Advance Payment of Benefit : Contents

Cash assets

Cash assets mean assets of the client and partner (if any) that can be easily converted into cash.

Cash assets include

  • bills of exchange or promissory notes
  • building society shares
  • money in bank accounts, including fixed and term deposits with any bank, friendly society, credit union, or building society
  • money invested with or lent to any bank, other financial institution or person
  • money withdrawn from a KiwiSaver scheme
  • mortgage investments and other long term loans
  • shares, stocks, debentures, bonus bonds and bonds
  • the client's share in any partnership and
  • the net equity held in any property or land not used as the person's home

Cash assets do not include

A bank overdraft facility is not considered a cash asset or resource available to a client.

Canterbury earthquake related payments

Payments made by the Crown, Earthquake Commission, insurance companies or the Canterbury Earthquake Commission (Red Cross) relating to the Canterbury earthquake are generally excluded for the first 12, or 24 months following the date the client received the payment.

For more information see:

Legislation

  • cash assets (definition) clause 1 Direction on Advance Payments of Instalments of Benefit
  • Cash assets and income exemptions schedule 8 Social Security Regulations 2018
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The net equity in a property is:

minus

Net equity in a vehicle/caravan/boat is the amount of money the client would have if they sold their vehicle/caravan/boat after they had paid any debts owing on it.

For example, the client has a boat that has a market value of $4,000. They still owe the bank $1,500, so the net equity would be $2,500. This is ...