Document ID: chunk:federal_register_of_legislation:C2022A00062:clause:1_13
Version: federal_register_of_legislation:C2022A00062
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 9468–10572

13  After subsection 46E(3)
Insert:
 (3A) However, if subsection 52(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 52(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); 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.
Example: To continue the example in subsection (3), Maree and Peter's financial assets ($500,000) described in this subsection are multiplied by the below threshold rate (0.25%):

 The ordinary income that the couple is taken to receive on the couple's financial assets described in this subsection is $1,250 per year.