Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 resident's partner does not have a right or interest in the partner's principal home that 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;
the following provisions apply for the purposes of the application of this Act to the person and to the person's partner:
(c) the person is to be taken to be a property owner;
(d) any right or interest of the person's partner in the person's principal home is to be disregarded in calculating the actual value of the partner'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).
(3) Subsection (2) 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.
Entry contribution equal to or below extra allowable amount
(4) 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, 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 to be taken not to have a right or interest in relation to the person's principal home;
(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;
(e) subsection 52(1) and sections 52G, 52H, 52JA, 52JB, 52JC and 52JD do not apply to the asset that the person is, because of paragraph (d) of this subsection, taken to have.