Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.475

Exceptions

  (1)   To avoid doubt, this Division does not apply to your gains and losses from a * financial arrangement for any income year to the extent that your rights and/or obligations are the subject of an exception under any of the following subsections.

  (2)   This section is not intended to limit, expand or otherwise affect the operation of sections   230 - 45 to 230 - 55 (which tell you what is covered by the concept of financial arrangement ) in relation to rights and/or obligations other than those dealt with in this section.

Retirement village and residential or flexible care arrangements

  (3)   The following rights and obligations are the subject of an exception:

  (a)   a right or obligation arising under a * retirement village residence contract;

  (b)   a right or obligation arising under a * retirement village services contract;

  (c)   a right or obligation arising under an * arrangement under which * residential care or * flexible care is provided.

  (4)   For the purposes of subsection   (3):

  (a)   a retirement village residence contract is a contract that gives rise to a right to occupy * residential premises in a * retirement village; and

  (b)   a retirement village services contract is a contract under which a resident of a retirement village is provided with general or personal services in the retirement village.