Document ID: chunk:federal_register_of_legislation:C2010C00233:clause:10_8
Version: federal_register_of_legislation:C2010C00233
Segment Type: clause
Provision Reference: sch 10 cl 8
Character Range: 222914–224073

8  After subsection 1118(1A)
Insert:

Application of proceeds of sale of principal home

 (1B) Subsection (2) applies if:
 (a) a person sells the person's principal home; and
 (b) either:
 (i) the person does not have a right or interest in a principal home; or
 (ii) the person has a right or interest in a principal home that the Secretary is satisfied does not give the person reasonable security of tenure in the home; and
 (c) before the end of 12 months, or any longer period determined under subsection (2B), after the sale, one or more of the following applies:
 (i) the person intends to apply the whole or a part of the proceeds of the sale to build, rebuild, repair or renovate another residence that is to be the person's principal home;
 (ii) the person applies the whole or a part of the proceeds of the sale to build, rebuild, repair or renovate another residence that is to be the person's principal home;
 (iii) the person intends to apply the whole or a part of the proceeds of the sale to purchase another residence that is to be the person's principal home.

Note: The following heading to subsection 1118(1A) is inserted "Definitions".