Meaning of capital gain
13 Meaning of capital gain
In this Act:
capital gain, in relation to a resident’s entitlement under a residence contract or the sharing of a capital gain under a village contract between the operator and a resident—
means any increase between the amount the resident paid for the residence right for the residential premises and the amount that the next resident pays for a residence right for the same premises; but
does not include any costs associated with the subsequent sale or lease of the premises.
The amount of fees and charges payable under a village contract are not to be included in working out the amount of a capital gain.
This Act’s bill:Explanatory statementSecond reading speech
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