Commonwealth Consolidated Acts Commonwealth Consolidated ActsResidence taken up before 13 June 1989
(1) If a retirement village resident became entitled to take up residence in the retirement village before 13 June 1989, the resident's extra allowable amount is:
(a) if the resident is not a member of a couple--$64,000; or
(b) if the resident is a member of an illness separated couple--$64,000; or
(c) in any other case--$32,000.
Residence taken up on or after 13 June 1989
(2) If a retirement village resident became entitled to take up residence in the retirement village on or after 13 June 1989, the resident's extra allowable amount is:
(a) if the resident is not a member of a couple--the amount that, as at the time when the resident becomes entitled to take up that residence, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(b) if the resident is a member of an illness separated couple--the amount that, as at the time when the resident becomes entitled to take up that residence, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(c) in any other case--the amount that, as at the time when the resident becomes entitled to take up that residence, is the difference between the pension "partnered" homeowner AVL and the pension "partnered" non - homeowner AVL.
(2A) A granny flat resident's extra allowable amount is:
(a) if the resident is not a member of a couple--the amount that, as at the time when the resident becomes entitled to the granny flat interest, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(b) if the resident is a member of an illness separated couple--the amount that, as at the time when the resident becomes entitled to the granny flat interest, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(c) in any other case--the amount that, as at the time when the resident becomes entitled to the granny flat interest, is the difference between the pension "partnered" homeowner AVL and the pension "partnered" non - homeowner AVL.
(2B) A sale leaseback resident's extra allowable amount is:
(a) if the resident is not a member of a couple--the amount that, as at the time when the sale leaseback agreement is entered into, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(b) if the resident is a member of an illness separated couple--the amount that, as at the time when the sale leaseback agreement is entered into, is the difference between the pension "single" homeowner AVL and the pension "single" non - homeowner AVL; or
(c) in any other case--the amount that, as at the time when the sale leaseback agreement is entered into, is the difference between the pension "partnered" homeowner AVL and the pension "partnered" non - homeowner AVL.
(3) For the purposes of this section, a person becomes entitled to take up residence in a retirement village when the person becomes entitled to take up residence in a retirement village pursuant to the agreement under which the person's current right to live in the retirement village arises.
(4) In this section, "pension 'single' homeowner AVL", "pension 'single' non - homeowner AVL", "pension 'partnered' homeowner AVL" and "pension 'partnered' non - homeowner AVL" have the same meaning as in Part 3.16 (Indexation).