140Determination of value of individual’s assets—post‑2014 residential accommodation class

140 Determination of value of individual’s assets—post‑2014 residential accommodation class

(1) This section applies to an individual if: (a) the individual is in the post‑2014 residential accommodation class; and (b) immediately before the transition time, there is in force a determination (the old asset determination) under subsection 44‑26C(1) of the old Act of the value of the individual’s assets. (2) At the transition time, the System Governor is taken: (a) to have made a determination (the new determination) under subsection 329(1) of the new Act that the value of individual’s assets at the transition time is equal to the value in the old asset determination; and (b) if immediately before the transition time, there is in force a determination (the old determination) under paragraph 44‑26A(2)(a), (2)(b), (3)(a) or (3)(b) or subsection 44‑26A(4) of the old Act of an amount in relation to the individual—to have made a determination (the new determination) under the equivalent provision of section 330 of the new Act of an amount equal to the amount determined in the old determination. (3) The new determinations are taken to have effect from the transition time. (4) The following provisions of the new Act do not apply in relation to the new determinations: (a) subsection 329(8) (notice of determination); (b) section 557 (reviewable decisions).