331Varying or revoking an asset determination

331  Varying or revoking an asset determination

Decision to vary or revoke asset determination

 (1) The System Governor may vary or revoke an asset determination in relation to the individual.

Note 1: For requirements about giving notice of a variation or revocation of an asset determination, see section 335.

Note 2: The amount of person‑centred subsidy or provider‑based subsidy payable for a day for an individual is calculated in accordance with any asset determination in force for the individual for the day. If there is such an asset determination, the amount payable will not change as a result of a change to the value of the individual’s assets unless the asset determination is varied or revoked or a new asset determination is made.

 (2) The asset determination may be varied or revoked:

 (b) on the application of the individual (see section 333); or

 (c) on the System Governor’s own initiative (see section 334).

 (2A) The asset determination must be varied if the System Governor has been notified of the occurrence of an event or a change in the individual’s circumstances under Subdivision D (see also section 332).

 (3) Without limiting subsection (1), the asset determination may be varied or revoked if the System Governor is satisfied that the determination is incorrect.

 (3A) This section does not limit the application of subsection 33(3) of the Acts Interpretation Act 1901 in relation to an asset determination.

 (4) If an asset determination is varied or revoked, the variation or revocation takes effect on the day specified by the System Governor in the notice under subsection 335(1).

 (5) The day specified may be before the day the notice is given but must be in accordance with the rules.

Variations and revocations not legislative instruments

 (6) If a variation or revocation under subsection (1) is in writing, it is not a legislative instrument.