- Make a claim help index
- Savings
- Cash on Hand
- Savings account
- Cheque account
- Cash management account
- Deeming account
- Term deposit
- Bond
- Debenture
- Church development fund
- Money loaned
- Other
- Australian asset
- Financial institution
- Account number
- Country of investment
- Currency of investment
- Current balance
- Current loan amount
- Customer share
- Partner share
- Provide these details later
Savings:
Savings are any direct investments and/or deposit accounts, held both inside or outside Australia. Direct investments are assets such as bonds, debentures, term deposits, church development funds, money loaned, and cash on hand. Deposit accounts are savings kept in the bank, building society or credit union.
Savings can be recorded in the types listed below.
Cash on hand:
This can include cash holdings such as notes and coins that:
- you have in a safety deposit box, or
- you are holding instead of putting into a bank account, or
- someone else is looking after for you.
This does not include cash you have for shopping and other day to day expenses.
Savings account:
A savings account is an account in which you put your money. These accounts are typically with a bank or similar financial organisation and earn interest.
Cheque account:
An account, with a bank or building society, into which deposits are made and from which payments are made by cheque.
Cash management account:
An all-in-one account offered by banks that allow customers to invest, write cheques, pay bills, and earns customers an elevated interest rate on their cash compared to that offered by other ordinary (e.g. savings) bank accounts.
Deeming account:
In some financial institutions, a Deeming Account is called a Pensioner Security Account or a Retirement Account. These are accounts for those on a pension that give interest, while still giving all the benefits of a cheque/transaction account. They generally give concessions to eligible customers, such as no fees.
Term deposit:
Also known as a fixed deposit. A deposit held at a financial institution for a set period of time, usually from 1 month to 3 years, and earns a higher rate of interest than paid by other ordinary (e.g. savings) bank accounts. A withdrawal before the end of the period may incur a financial penalty.
Bond:
A medium- to long-term investment issued by governments and companies which pays a regular and fixed interest amount for the term of the investment. The invested funds are repaid at the end of the term.
Debenture:
A medium- to long-term investment issued by a company. You are lending money to the company. In return you will receive a regular and fixed interest amount for the term of the investment. The invested funds are repaid at the end of the term.
Church development fund:
An account with a church organisation intended to finance the purchase, construction, and improvement of church-related property and buildings.
Money Loaned:
A loan is something, generally money, lent on condition of it being returned often with an amount of interest. This includes loans to family members, any other individual, group or corporation.
Other:
Other is any other Savings you may have that are not listed above. Examples are promissory notes, coins for investment, farm management bonds and gold or other bullion.
Australian asset:
An Australian asset is an asset that is kept in Australia or invested in an Australian company in Australian dollars.
Financial institution:
A financial institution acts as an agent that provides financial services for its customers. Common types of financial institutions include banks, building societies and credit unions. For example, ANZ Bank.
For loans you can enter the investment name that best assists you with identifying a particular savings. For example, Money loaned to Bob.
Account number:
For deposit accounts, term deposits, bonds, debentures and church development funds an account number is required. This is the number issued by the financial institution without the BSB number.
For loans a description is required. This is the description of the investment that best assists you with identifying a particular savings. An example would be 'Money loaned to John'.
Country of investment:
This is the country in which the asset is held.
Currency of investment:
This is the currency in which the asset is held.
Current balance:
This is the value of the savings. If the amount is negative, then record zero. For a foreign savings account, this amount should be recorded in the foreign currency.
Current loan amount:
The current face value of the loan that is still to be repaid to you.
Customer share:
This is the share of the asset that you own. The total share that you and your partner owns does not need to add up to 100% as the remainder of the asset could be owned by a third party.
Partner share:
This is the share of the asset that your partner owns. The total share that you and your partner owns does not need to add up to 100% as the remainder of the asset could be owned by a third party.
Provide these details later
This option lets you defer providing details about this category. If selected, any information provided so far will be saved and you can continue with your claim online.
You can provide the remaining income and asset details for your claim in the following ways:
- As part of this claim.
Up to the point that you submit this online claim you can return to a category that you have chosen to defer, un-check the "I am unable to supply complete and accurate details" checkbox, and add further details about that category.
- In a personalised income and assets form online.
After you submit your claim, you will have access to a personalised Income and Assets form online that includes all the sections that you have opted to defer.
- In a generic paper income and assets form.
If you choose not to complete the tailored online form, you can download, complete and lodge the blank paper form equivalent from the Department of Human Services website. This will mean writing down all of your income and assets again on paper.
Please note, there is no equivalent form for Low Income Health Care Card and you would need to fully complete a new paper claim form.
[ Close Window ][ Top of Page ][ Print Page]
Last Updated 12 January 2012.
