Document ID: chunk:federal_register_of_legislation:C2022A00062:clause:1_5
Version: federal_register_of_legislation:C2022A00062
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 4240–4994

5  After subsection 1078(3A)
Insert:
 (3B) However, if subsection 1118(2) applies in relation to the person and:
 (a) the person has financial assets that are proceeds:
 (i) from the sale of the person's principal home; and
 (ii) described in paragraph 1118(2)(a) or (c); and
 (b) the earlier of the times mentioned in that paragraph has not occurred for the person and the proceeds;
then:
 (c) those financial assets are to be disregarded for the purposes of working out the ordinary income the person is taken to receive under subsection (3) or (3A); and
 (d) the ordinary income the person is taken to receive per year on those financial assets is the amount worked out by multiplying the value of those financial assets by the below threshold rate.