Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a special resident who is not a member of a couple.
Entry contribution more than extra allowable amount
(2) Where:
(a) this section applies to a special resident; and
(b) the person's entry contribution was more than the extra allowable amount;
the person is to be taken, for the purposes of this Act, to be a property owner.
Entry contribution equal to or below extra allowable amount
(3) Where:
(a) this section applies to a special resident; and
(b) the person's entry contribution was equal to or less than the extra allowable amount;
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 sections 52G, 52JA and 52JB do not apply to an asset that the person is, because of paragraph (d) of this subsection, to be 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.