sec.17Working out a licensee’s disallowed assets

### sec.17 Working out a licensee’s disallowed assets The following are disallowed assets of a licensee— a recreational vehicle; an unregistered vehicle; a racehorse; a collectors item; paintings, stamps, coins contingent assets under Australian Accounting Standard AASB 137; furniture used solely or predominantly for a personal purpose; investments in, or shares of, companies other than companies listed on a stock exchange; investments valued using the equity method under Australian Accounting Standard AASB 128 for a special purpose financial statement under the Australian Accounting Standards; non-monetary credits, including, for example, goods or services owed to the licensee in exchange for other goods or services; assets held on trust by the licensee for a beneficiary other than the licensee; units in trusts that are not listed on a stock exchange; superannuation benefits that can not be accessed by the licensee on the day the disallowed assets are worked out; life or income protection insurance policy benefits; an amount owing to the licensee by a debtor, if an invoice for the amount has been given to the debtor more than 1 year from the day the disallowed assets are worked out; a deed of covenant asset for which the licensee is the covenantor under the deed. In this section— recreational vehicle means the following— a motorbike under Transport Operations (Road Use Management) Act 1995 , schedule 4 , that is designed to be used off-road; a quad bike under the Queensland Road Rules , schedule 5 ; a motorised golf buggy under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 ; a ship under the Transport Operations (Marine Safety) Act 1994 , section 10 ; a personal watercraft under the Transport Operations (Marine Safety) Act 1994 , schedule 1 ; an aircraft under the Air Navigation Act 1937 , section 4 ; a racing vehicle under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 . unregistered vehicle see the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , section 7 (2) . s 17 amd 2019 SL No. 30 s 21 ; 2021 SL No. 113 s 270 (sec.17-ssec.1) The following are disallowed assets of a licensee— a recreational vehicle; an unregistered vehicle; a racehorse; a collectors item; paintings, stamps, coins contingent assets under Australian Accounting Standard AASB 137; furniture used solely or predominantly for a personal purpose; investments in, or shares of, companies other than companies listed on a stock exchange; investments valued using the equity method under Australian Accounting Standard AASB 128 for a special purpose financial statement under the Australian Accounting Standards; non-monetary credits, including, for example, goods or services owed to the licensee in exchange for other goods or services; assets held on trust by the licensee for a beneficiary other than the licensee; units in trusts that are not listed on a stock exchange; superannuation benefits that can not be accessed by the licensee on the day the disallowed assets are worked out; life or income protection insurance policy benefits; an amount owing to the licensee by a debtor, if an invoice for the amount has been given to the debtor more than 1 year from the day the disallowed assets are worked out; a deed of covenant asset for which the licensee is the covenantor under the deed. (sec.17-ssec.2) In this section— recreational vehicle means the following— a motorbike under Transport Operations (Road Use Management) Act 1995 , schedule 4 , that is designed to be used off-road; a quad bike under the Queensland Road Rules , schedule 5 ; a motorised golf buggy under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 ; a ship under the Transport Operations (Marine Safety) Act 1994 , section 10 ; a personal watercraft under the Transport Operations (Marine Safety) Act 1994 , schedule 1 ; an aircraft under the Air Navigation Act 1937 , section 4 ; a racing vehicle under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 . unregistered vehicle see the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , section 7 (2) . - (a) a recreational vehicle; - (b) an unregistered vehicle; - (c) a racehorse; - (d) a collectors item; Examples— paintings, stamps, coins - (e) contingent assets under Australian Accounting Standard AASB 137; - (f) furniture used solely or predominantly for a personal purpose; - (g) investments in, or shares of, companies other than companies listed on a stock exchange; - (h) investments valued using the equity method under Australian Accounting Standard AASB 128 for a special purpose financial statement under the Australian Accounting Standards; - (i) non-monetary credits, including, for example, goods or services owed to the licensee in exchange for other goods or services; - (j) assets held on trust by the licensee for a beneficiary other than the licensee; - (k) units in trusts that are not listed on a stock exchange; - (l) superannuation benefits that can not be accessed by the licensee on the day the disallowed assets are worked out; - (m) life or income protection insurance policy benefits; - (n) an amount owing to the licensee by a debtor, if an invoice for the amount has been given to the debtor more than 1 year from the day the disallowed assets are worked out; - (o) a deed of covenant asset for which the licensee is the covenantor under the deed. - (a) a motorbike under Transport Operations (Road Use Management) Act 1995 , schedule 4 , that is designed to be used off-road; - (b) a quad bike under the Queensland Road Rules , schedule 5 ; - (c) a motorised golf buggy under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 ; - (d) a ship under the Transport Operations (Marine Safety) Act 1994 , section 10 ; - (e) a personal watercraft under the Transport Operations (Marine Safety) Act 1994 , schedule 1 ; - (f) an aircraft under the Air Navigation Act 1937 , section 4 ; - (g) a racing vehicle under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 .