Commonwealth Consolidated Acts

VETERANS' ENTITLEMENTS ACT 1986 - SECT 52T

  (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 not a special residence; and

  (c)   the right or interest of the resident's partner in the partner's principal home is to be disregarded because of paragraph   52(1)(b).

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;

then:

  (c)   for the purposes of this Act, 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 referred to in paragraph   (1)(c) is to be disregarded in calculating the actual value of the person's assets for the purposes of this Act; and

  (e)   any right or interest of the person's partner in the person's principal home is also to be disregarded in calculating the actual value of the assets of the person's partner for the purposes of this Act.

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;

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

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

  (ca)   the person's assets are taken to include an asset whose value is equal to the amount of the person's entry contribution;

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

  (d)   any right or interest of the person in the principal home of the person's partner referred to in paragraph   (1)(c) is to be disregarded in calculating the actual value of the person's assets;

  (e)   the assets value limit of the person and the person's partner is to be taken to be $237,500.

Note:   The amount in paragraph   (e) is adjusted annually (see section   59J).

  (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 to interest that the person does have in the person's principal home.