Definition of assets

Any assets of the deceased person, the surviving partner (if any), or the parent (if a deceased child) should be considered when assessing entitlement to a Funeral Grant. This includes the following:

• shares, stocks, debentures, bonus bonds, and other bonds
• 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 or other financial institution
• for a deceased person who was single and had no dependent children: the net equity held in any property that was owned by the deceased person
• for other deceased persons: the net equity held in any property or land not used as the family home
• building society shares
• Information share Child Support payments no longer being charged as income (i.e. the payment was being charged when the client died but Terminal Benefit is not payable)
• mortgage investments and other long term loans
• bills of exchange or promissory notes
• the parents' share in any partnership
• proceeds from life insurance policies or retirement funds
• prepaid funeral account (the total amount in the account before it is used towards the funeral expenses)

When the deceased is a child, or the deceased person is survived by a partner or children there are certain assets that are defined as non-assessable assets that must not be included when considering entitlement a Funeral Grant. These are:

• the family home
• the family car, caravan or boat
• Information share Child Support payments currently being charged as income
• furniture in the family home
• personal possessions and ornaments
• Payments of Accommodation Supplement arrears due to system processing error from 1993 to 2014
• Severe weather event payments for the first 12 months from when payment is received (and any interest earned on the payment)
• FamilyBoost Tax Credit payments for the first 12 months after payment is received