Document ID: chunk:federal_register_of_legislation:C2010C00233:clause:10_9
Version: federal_register_of_legislation:C2010C00233
Segment Type: clause
Provision Reference: sch 10 cl 9
Character Range: 224073–225668

9  Subsection 1118(2)
Repeal the subsection, substitute:

 (2) For the purposes of this Act (other than Division 1B of Part 3.10):
 (a) if subparagraph (1B)(c)(i) applies—disregard the proceeds, to the extent that the person intends to apply those proceeds to build, rebuild, repair or renovate the other residence, until the earlier of the following times:
 (i) the period mentioned in paragraph (1B)(c) ends;
 (ii) the Secretary becomes satisfied that the person has ceased to have that intention; or
 (b) if subparagraph (1B)(c)(ii) applies—disregard the value of the following, until the end of the period mentioned in paragraph (1B)(c), to the extent that the person applies those proceeds to build, rebuild, repair or renovate that other residence:
 (i) the value of the other residence;
 (ii) the value of the land on which the other residence is being built, rebuilt, repaired or renovated to the extent that, once the building becomes the person's principal home, the land will, under section 11A, be included in a reference to the principal home;
 (iii) the value of any other structure, on that land, that is to be the person's principal home to the extent that the structure was built before the person began applying those proceeds; or
 (c) if subparagraph (1B)(c)(iii) applies—disregard the proceeds, to the extent that the person intends to apply those proceeds to purchase the other residence, until the earlier of the following times:
 (i) the period mentioned in paragraph (1B)(c) ends;
 (ii) the Secretary becomes satisfied that the person has ceased to have that intention.