Document ID: chunk:federal_register_of_legislation:C2022A00062:clause:1_3
Version: federal_register_of_legislation:C2022A00062
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 3377–4175

3  After subsection 1077(3A)
Insert:
 (3B) However, if subsection 1118(2) applies in relation to a member of the couple and:
 (a) the couple have financial assets that are proceeds:
 (i) from the sale of the principal home of a member of the couple; 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 member of the couple and the proceeds;
then:
 (c) those financial assets are to be disregarded for the purposes of working out the ordinary income the couple is taken to receive under subsection (3) or (3A); and
 (d) the ordinary income the couple 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.