sec.15Working out licensee’s assets

### sec.15 Working out licensee’s assets A licensee’s assets include the following— cash; an amount payable to the licensee for building work, construction work or building work services carried out by the licensee under a building contract for which the licensee has not yet been paid; the full amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount 180 days or less before the day the assets are worked out; half of the amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount more than 180 days, but less than 1 year, before the day the assets are worked out; the value of inventory; an investment made by the licensee, if the terms of the investment allow it to be converted to cash on the day the assets are worked out; an investment valued using the equity method under Australian Accounting Standard AASB 128 for a general purpose financial report under the Australian Accounting Standards; the value of a motor vehicle; plant and equipment valued at carrying amount under Australian Accounting Standard AASB 116; the value of real property; a loan given by the licensee to a related entity if, on the day the licensee’s assets are worked out, the related entity— holds net tangible assets in its own right, excluding any deed of covenant asset, of at least $0; and has a current ratio of at least 1; the value of shares in companies listed on a stock exchange; the value of tools of trade; the amount of a deed of covenant asset, if division 4 is complied with for the deed. For subsection (1) (k) (i) , the net tangible assets of a related entity must be worked out under this division as if a reference to a licensee were a reference to the related entity. In this section— value , of an asset, means the value of the asset worked out under the Australian Accounting Standards. s 15 amd 2019 SL No. 30 s 20 ; 2020 SL No. 241 s 23 ; 2024 SL No. 85 s 11 (sec.15-ssec.1) A licensee’s assets include the following— cash; an amount payable to the licensee for building work, construction work or building work services carried out by the licensee under a building contract for which the licensee has not yet been paid; the full amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount 180 days or less before the day the assets are worked out; half of the amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount more than 180 days, but less than 1 year, before the day the assets are worked out; the value of inventory; an investment made by the licensee, if the terms of the investment allow it to be converted to cash on the day the assets are worked out; an investment valued using the equity method under Australian Accounting Standard AASB 128 for a general purpose financial report under the Australian Accounting Standards; the value of a motor vehicle; plant and equipment valued at carrying amount under Australian Accounting Standard AASB 116; the value of real property; a loan given by the licensee to a related entity if, on the day the licensee’s assets are worked out, the related entity— holds net tangible assets in its own right, excluding any deed of covenant asset, of at least $0; and has a current ratio of at least 1; the value of shares in companies listed on a stock exchange; the value of tools of trade; the amount of a deed of covenant asset, if division 4 is complied with for the deed. (sec.15-ssec.2) For subsection (1) (k) (i) , the net tangible assets of a related entity must be worked out under this division as if a reference to a licensee were a reference to the related entity. (sec.15-ssec.3) In this section— value , of an asset, means the value of the asset worked out under the Australian Accounting Standards. - (a) cash; - (b) an amount payable to the licensee for building work, construction work or building work services carried out by the licensee under a building contract for which the licensee has not yet been paid; - (c) the full amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount 180 days or less before the day the assets are worked out; - (d) half of the amount owing to the licensee by a debtor, if the debtor has been given an invoice for the amount more than 180 days, but less than 1 year, before the day the assets are worked out; - (e) the value of inventory; - (f) an investment made by the licensee, if the terms of the investment allow it to be converted to cash on the day the assets are worked out; - (g) an investment valued using the equity method under Australian Accounting Standard AASB 128 for a general purpose financial report under the Australian Accounting Standards; - (h) the value of a motor vehicle; - (i) plant and equipment valued at carrying amount under Australian Accounting Standard AASB 116; - (j) the value of real property; - (k) a loan given by the licensee to a related entity if, on the day the licensee’s assets are worked out, the related entity— (i) holds net tangible assets in its own right, excluding any deed of covenant asset, of at least $0; and (ii) has a current ratio of at least 1; - (i) holds net tangible assets in its own right, excluding any deed of covenant asset, of at least $0; and - (ii) has a current ratio of at least 1; - (l) the value of shares in companies listed on a stock exchange; - (m) the value of tools of trade; - (n) the amount of a deed of covenant asset, if division 4 is complied with for the deed. - (i) holds net tangible assets in its own right, excluding any deed of covenant asset, of at least $0; and - (ii) has a current ratio of at least 1;