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 or other financial institution
• mortgage investments and long term loans
• pre-paid funeral expenses
• shares, stocks, debentures, bonus bonds and bonds (including shares in energy organisations)
• the client's share in any partnership
• the net equity held in any property or land, not used as the person's home

Cash assets do not include

• a home property, and land on which it is situated
• a caravan, boat or other vehicle with a net equity less than $2000 or is used by the client or a member of their family for day to day accommodation
• a motor vehicle for private use
• personal effects
• Christchurch mosques attack support payments
• Crown funds provided directly to clients to purchase Support Services and Direct Disability Support payments
• funds locked into KiwiSaver and other retirement schemes accounts
• Māori land where the title is in tribal trust and individual ownership cannot be identified, the client cannot realise or readily convert the land into a cash asset
  Note you should consult your service centre solicitor if you are unsure about the ownership of Maori land.
• MSD lump sum payments for the first 12 months after payment is made
• payments made by the Crown that are exempted as cash assets, including:
  • 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
  • Payments of Accommodation Supplement arrears due to a system processing error from 1993 to 2014 for the first 12 months after payment is made
  • Payments of arrears to Special Benefit clients better off on Temporary Additional Support for the first 12 months after payment is made
  • Payments to clients whose Housing New Zealand tenancy was terminated due to methamphetamine contamination for the first 12 months after payment is made
• Residential Care Subsidy historic review refunds for the first 12 months after the payment is made
• Severe weather event payments for the first 12 months from when payment is received (and any interest earned on the payment)
• specified Ex gratia and compensation payments

For more information see, Types of income:

Legislation

• Cash assets and income exemptions schedule 8 Social Security Regulations 2018