329Determination of value of individual’s assets

329  Determination of value of individual’s assets

Making asset determinations

 (1) The System Governor must, within the period prescribed by the rules, determine the value at a particular time (the asset valuation time) of an individual’s assets, worked out in accordance with section 330.

Note: A determination under this subsection is called an asset determination.

 (2) The System Governor is not required to make a determination under subsection (1) if the System Governor is not given the information required to make the determination.

 (3) The asset valuation time must be at or before the time the determination is made.

Requesting further information

 (4) The System Governor may, by written notice, request one or more of the following persons to give the System Governor, within the period specified in the notice (which must not be less than 28 days after giving the notice), the information specified in the notice for the purposes of making the determination:

 (a) the individual;

 (b) a person acting for or on behalf of the individual;

 (c) any other person whom the System Governor believes has information that would assist the System Governor in making the determination.

Note: A person is not obliged to give the information.

 (5) The System‑Governor may, at the request of the person made before the end of the specified period, extend the specified period.

When determination takes effect

 (6) The determination takes effect on the day specified by the System Governor in the notice under subsection (8). The day may be before the day on which the determination is made but must be in accordance with the rules.

Note: An asset determination may be varied or revoked under section 331.

 (7) However, if the determination is made after the individual withdraws an election under section 321, the determination can not take effect before the day after the election was withdrawn under subsection 321(5).

 (8) Within 14 days after making a determination under subsection (1), the System Governor must give written notice of the determination to the individual.

 (9) The notice under subsection (8) must:

 (a) state that the individual is required to notify the System Governor of any events or changes in the individual’s circumstances in accordance with section 336; and

 (b) specify the amount worked out as the value of the individual’s assets; and

 (c) specify the asset valuation time; and

 (d) specify the day the determination takes effect (see subsection (6)); and

 (e) set out the reasons for the following decisions: