Section 1208Z — Social Security Act 1991: Adjusted net value of asset

(1) For the purposes of this Division, the adjusted net value of an asset owned by an individual is 100% of the net value of the asset. (2) For the purposes of this Division, the adjusted net value of an asset controlled by an individual is: (a) if the entity that owns the asset is a company and the company is a controlled private company in relation to the individual: (i) 100% of the net value of the asset; or (ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or (b) if the entity that owns the asset is a trust and the trust is a controlled private trust in relation to the individual: (i) 100% of the net value of the asset; or (ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or (c) if the entity that owns the asset is a business partnership—the individual’s share of the net value of the asset. (3) In making a determination under this section, the Secretary must comply with any relevant decision-making principles.