52V

Members of ordinary couple with different principal homes (both in special residences)

Current

(1)

This section applies to a special resident if:

(a)

the resident is a member of an ordinary couple with different principal homes; and

(b)

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

Both entry contributions above extra allowable amount

(2)

If:

(a)

this section applies to a special resident; and

(b)

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

then, for the purposes of this Act:

(c)

the resident and the partner are each to be taken to be property owners; and

(d)

the value of the resident’s principal home is taken to be the resident’s individual residence contribution; and

(e)

the value of the partner’s principal home is taken to be the partner’s individual residence contribution; and

(f)

any right or interest of the resident in:

(i)

the more valuable of the two principal homes; or

(ii)

where the value of the two principal homes is the same—the principal home of the younger person;

(the more valuable principal home) is to be disregarded in calculating the actual value of the resident’s assets; and

(g)

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

(h)

the assets of the person whose principal home is not the more valuable principal home are to be taken to include an asset the value of which is equivalent to the amount of that person’s entry contribution.

Both entry contributions equal to or below extra allowable amount

(3)

If:

(a)

this section applies to a special resident; and

(b)

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

then, for the purposes of this Act:

(c)

the resident and the partner are each to be taken not to have a right or interest in relation to the resident’s principal home or the partner’s principal home; and

(d)

the resident’s assets are taken to include an amount equal to the resident’s individual residence contribution; and

(e)

the partner’s assets are taken to include an amount equal to the partner’s individual residence contribution.

(4)

Subsection (2) applies:

(a)

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

(b)

whatever the value of any right or interest that the resident does have in the resident’s principal home; and

(c)

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

(d)

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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