{"id":"F2022L00998","name":"Social Security (Pension Loans Scheme—Market Value) Determination 2022","slug":"social-security-pension-loans-scheme-market-value-determination-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441475,"registerId":"F2022L00998-fast-fetch-1775956767301","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Social Security (Pension Loans Scheme—Market Value) Determination 2022","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\nmeta-keywords: \"[SEC=OFFICIAL]\"\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nSocial Security (Pension Loans Scheme—Market Value) Determination 2022\n\nI, Ray Griggs AO CSC, Secretary of the Department of Social Services, make the following determination.\n\nDated    15 July 2022\n\nRay Griggs\n\nSecretary of the Department of Social Services\n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Preliminary\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Definitions\n\nPart 2—Adjusted value for real assets and real property\n\n5 Method for working out market value and adjustments to that value\n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Social Security (Pension Loans Scheme—Market Value) Determination 2022.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The later of:(a) 1 July 2022; and(b) the day after this instrument is registered. 22 July 2022 (paragraph (b) applies).\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under subsection 1144AA(6) of the Social Security Act 1991.\n\n4  Definitions\n\n  In this instrument:\n\naccredited valuer, in relation to property, means a person who is:\n\n (a) accredited as a certified practising valuer by the Australian Property Institute; or\n\n (b) a professional member of the Royal Institution of Chartered Surveyors who is entitled to be described as a Chartered Valuation Surveyor; or\n\n (c) registered or otherwise authorised, under the laws of the State or Territory in which the property is situated, to value that kind of property.\n\nAct means the Social Security Act 1991.\n\nPart 2—Adjusted value for real assets and real property\n\n \n\n5  Method for working out market value and adjustments to that value\n\n (1) For the purposes of subparagraphs 1144AA(5)(a)(i) and (b)(i) of the Act, the market value of real assets or real property, at the time (the event time) the event mentioned in paragraph 1144AA(1)(c) or (2)(c) of the Act occurs in relation to the debt concerned, is the market value worked out under subsection (2).\n\n (2) The market value of the real assets or real property is:\n\n (a) if the assets are sold, or the property is sold, before the event time—the sale price of the assets or property; or\n\n (b) if paragraph (a) does not apply and the Secretary and the person seeking to repay the debt, or the person from whom the Commonwealth seeks to recover the debt, agree to a value of the assets or property—the agreed value; or\n\n (c) if paragraphs (a) and (b) do not apply and the Secretary is satisfied that:\n\n (i) the market value of the assets or property for one or more days (each of which is a valuation day) within the period of 3 months before the event time has been determined by an accredited valuer or valuers; and\n\n (ii) there has been no material change in circumstances affecting the market value since the most recent valuation day;\n\n  the market value as so determined for the most recent valuation day; or\n\n (d) if paragraphs (a), (b) and (c) do not apply—the market value, at the event time, as determined by an accredited valuer.\n\n (3) However, if the Secretary reasonably believes the sale price of the real assets or real property under paragraph (2)(a) is reduced because the assets are undervalued, or the property is undervalued, due to:\n\n (a) the sale not being conducted in good faith; or\n\n (b) the sale not being conducted on fair and reasonable terms; or\n\n (c) the sale being conducted between parties who were not dealing with each other at arm’s length; or\n\n (d) any other circumstances;\n\nthe market value of the assets or property is the market value, at the time of the sale, as determined by an accredited valuer.\n\nAdjustments to market value\n\n (4) For the purposes of subparagraphs 1144AA(5)(a)(ii) and (b)(ii) of the Act, the market value of the real assets or real property worked out under this section is reduced by the total value of any charges or encumbrances over the assets or property, other than any charge referred to in paragraph 1133(3)(c) or section 1138 of the Act, worked out:\n\n (a) if the assets are sold, or the property is sold, before the event time—immediately before the assets are sold or the property is sold; or\n\n (b) if paragraph (2)(b) applies—at the time of the agreement; or\n\n (c) if paragraph (2)(c) applies—at the end of the most recent valuation day; or\n\n (d) if paragraph (2)(d) applies—at the event time.\n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: establishing valuation methodologies for real assets under the Pension Loans Scheme. It does not expand beyond the technical administrative function authorised by subsection 1144AA(6) of the Social Security Act 1991."},"complexity_factors":["Short instrument: only 5 substantive sections","Single defined term ('accredited valuer') with three alternative qualifications","Clear hierarchical structure in section 5(2) with four ranked options (a) through (d)","One anti-avoidance override in section 5(3) with four specific triggers","Straightforward temporal references tied to 'event time' and valuation dates","Limited cross-referencing: only refers to specific subsections of the Social Security Act 1991 (sections 1133, 1138, and 1144AA)","No nested exceptions or complex conditional logic beyond the basic hierarchy"],"plain_english_summary":"This technical rule explains how the government values a home when a Pension Loans Scheme debt is repaid. It sets four valuation methods in priority—sale price, agreed value, recent professional valuation, or a new accredited valuation—and allows the department to ignore suspiciously low sale prices. The property's value is then reduced by other secured debts to determine the net amount available to repay the loan. Affects borrowers, their estates, and the Department of Social Services."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not change who is covered under the Act; it prescribes the method and timing for determining market value and allowable adjustments under s1144AA, and provides the Secretary limited discretion over valuation acceptance and the treatment of sales and encumbrances."},"complexity_factors":["Clear hierarchical valuation paths (sale price; agreement; recent accredited valuation within 3 months; accredited valuer at event) — s5(2)","Secretary discretion to disregard sale price if sale appears undervalued or not arm's-length — s5(3)","Definition and qualification of 'accredited valuer' sets professional standards and jurisdictional registration requirements — s4","Adjustment for charges/encumbrances with specific statutory exceptions (references to ss1133(3)(c) and 1138) and timing rules for valuing those charges — s5(4)","Timing rules and 'valuation day' concept impose evidentiary windows and retrospective assessment — s5(2)(c)","Administrative and compliance burden on private parties to obtain accredited valuations and support agreed values","Made under subsection 1144AA(6) of the Social Security Act — limited to methodology, not substantive eligibility — s3","Commencement timing and procedural formalities affecting when the method applies — s2"],"plain_english_summary":"**This Determination** prescribes how to calculate the market value of real assets or real property for the *Pension Loans Scheme* debt provisions in the Social Security Act. It sets a clear valuation order: sale price; agreed value; a recent accredited valuation within 3 months; or an accredited valuer's valuation at the event time.\n\nIt affects borrowers and estates when repaying or when the Commonwealth seeks recovery: parties may need accredited valuations and can reduce value by allowable charges (encumbrances); the Secretary may reject suspect sale prices and require a valuer."}},"importantCases":[],"_links":{"self":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022","history":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022/history","analysis":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022/analysis","conflicts":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022/conflicts","importantCases":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022/important-cases","documents":"/api/acts/social-security-pension-loans-scheme-market-value-determination-2022/documents"}}