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Cash assets

Cash assets mean the assets of the client and their 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, financial institution or other person whether on mortgage or other security or unsecured
  • money withdrawn from a KiwiSaver scheme
  • mortgage investments and other long-term loans
  • the net equity held in any property or land not used as the person's home
  • the client's share in any partnership
  • shares, stocks, debentures, bonus bonds, and other bonds
  • pre-paid funeral expenses (in some circumstances)

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

If Canterbury earthquake payments are paid in instalments, or one or more payments are made, the date the payments are made is the date of the last payment or final instalment.

For more information see:

Legislation

  • Cash assets defined regulation 60 Social Security Regulations 2018
  • 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 ...