I have started a new thread to continue a subject previously posted in an inappropriate thread.
A while back I posted some brief details of a problem I was having with the age pension due to the fact that Centrelink continue to use the last sale price for the substantial number of ISX shares held by my wife and myself.
Since my last post I have established that the Social Securities Act states that assets are assessed at net market value "The market value is the point at which a willing purchaser and a willing, but not anxious vendor, would reach agreement".
The guideline for administering the Act states that "To determine the asset value for listed shares, the last selling price for shares on the ASX shall be used"
Having pointed out that the use of the guideline is inappropriate for for a suspended share without taking account of the reason for the suspension and having cited, among other things, the independent valuation used by LNC Capital, I eventually obtained a review by an Authorised Review Officer.
Unfortunately the review upheld the last price valuation so I then took the matter to the Administrative Appeals Tribunal this time with the benefit of the recent valuation by Hall Chadwick. This appeal was conducted by phone last Thursday and I now await the outcome.
This is a brief outline of events to date for those who may be interested, of course I covered a lot more detail in my correspondence with both Centrelink and the AAT including the fact that following the demerger my wife and I now have an additional asset while still holding our Isx shares with a last sale price of $1.07!
Bureaucracy at it's best.
Cheers
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
