52S

Members of illness separated couple (both in special residences)

Current

(1)

This section applies to a special resident if:

(a)

the resident is a member of an illness separated couple; and

(b)

the principal home of the resident’s partner is also a special residence.

Both entry contributions above extra allowable amount

(2)

Where:

(a)

this section applies to a special resident; and

(b)

the person’s entry contribution, and the entry contribution of the person’s partner, were each more than the extra allowable amount concerned;

then, for the purposes of this Act:

(c)

the person is to be taken to be a property owner; and

(d)

any right or interest of the person in the principal home of the person’s partner is to be disregarded in calculating the actual value of the person’s assets; and

(e)

any right or interest of the person’s partner in his or her principal home, or in the person’s principal home, is to be disregarded in calculating the actual value of the partner’s assets.

Both entry contributions equal to or below extra allowable amount

(3)

Where:

(a)

this section applies to a special resident; and

(b)

the person’s entry contribution, and the entry contribution of the person’s partner, were each equal to or less than the extra allowable amount concerned;

then, for the purposes of this Act:

(c)

the person is to be taken not to have a right or interest in relation to the person’s principal home; and

(d)

the person’s assets are to be taken to include an asset the value of which is equal to the amount of the person’s entry contribution; and

(e)

subsection 52(1) and section 52H do not apply to the asset that the person is, because of paragraph (d) of this subsection, taken to have.

(4)

Subsection (3) applies:

(a)

whether or not the person actually has any right or interest in the person’s principal home; and

(b)

whatever the value of any right or interest that the person does have in the person’s principal home.

Person’s entry contribution above extra allowable amount/partner’s entry contribution equal to or below extra allowable amount

(5)

Where:

(a)

this section applies to a special resident; and

(b)

the person’s entry contribution was more than the extra allowable amount; and

(c)

the person’s partner’s entry contribution was equal to or less than the extra allowable amount;

the following provisions apply for the purposes of the application of this Act to the person and to the person’s partner:

(d)

the person is to be taken to be a property owner;

(e)

both the person, and the person’s partner, are taken not to have a right or interest in relation to the partner’s principal home;

(ea)

the assets of the person’s partner are taken to include an asset whose value is equal to the amount of the partner’s entry contribution;

(eb)

subsection 52(1) and section 52H do not apply to the asset that the person’s partner is, because of paragraph (ea), taken to have;

(f)

any right or interest of the person’s partner in the person’s principal home is to be disregarded in calculating the actual value of the partner’s assets;

(g)

the assets value limit for the person and the person’s partner is to be taken to be $237,500.

Note:

The amount in paragraph (g) is adjusted annually (see section 59J).

(6)

Subsection (5) applies:

(a)

whether or not the person’s partner actually has any right or interest in the partner’s principal home; and

(b)

whatever the value of any right or interest that the partner does have in the partner’s principal home.

This Act’s bill:Second reading speech

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