Document ID: chunk:federal_register_of_legislation:C2024C00866:section:5h:p3
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 5H (pt 3/13)
Character Range: 66986–69635

Earned, derived or received
 (2) A reference in this Act to an income amount earned, derived or received is a reference to:
 (a) an income amount earned, derived or received by any means; and
 (b) an income amount earned, derived or received from any source (whether within or outside Australia).

Domestic payments
 (3) A payment received by a person is a domestic payment for the purposes of this Act if:
 (a) the person receives the payment on the disposal of an asset of the person; and
 (b) the asset was used, immediately before the disposal, by the person or the person's partner wholly or substantially for private or domestic purposes; and
 (c) the asset was used by the person or the person's partner wholly or substantially for those purposes for:
 (i) a period of 12 months before the disposal; or
 (ii) if the Commission considers it appropriate—a period of less than 12 months before the disposal.

Excluded amounts—home equity conversion (not a member of a couple)
 (4) If a person is not a member of a couple, an amount paid to or on behalf of the person under a home equity conversion agreement is an excluded amount for the person to the extent that the total amount owed by the person from time to time under home equity conversion agreements does not exceed $40,000.

Excluded amounts—home equity conversion (member of a couple)
 (5) If a person is a member of a couple, an amount paid to or on behalf of the person or the person's partner under a home equity conversion agreement is an excluded amount for the person to the extent that the total amount owed by the person and the person's partner under home equity conversion agreements from time to time does not exceed $40,000.

Home equity conversion (amount owed)
 (6) For the purposes of this Act, the amount owed by a person under a home equity conversion agreement is the principal amount secured by the mortgage concerned and does not include:
 (a) any amount representing mortgage fees; or
 (b) any amount representing interest; or
 (c) any similar liability whose repayment is also secured by the mortgage.

Home equity conversion (principal home)
 (7) For the purposes of the definition of home equity conversion agreement in subsection (1), an asset cannot be a person's principal home unless the person or the person's partner has a beneficial interest (but not necessarily the sole beneficial interest) in the asset.

Excluded amounts—general
 (8) The following amounts are not income in relation to a person for the purposes of this Act:
 (a) a payment under Part III or Part IIIA;
 (aa) a veteran payment;
 (ab) a pension loans scheme advance payment (within the