Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p9
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 9/21)
Character Range: 61971–64824

person resides in a nursing home as is not later than 2 years after the start of the period; and

   (c) any period during which:

        (i) the person resides in a nursing home; and

          (ii)  the residence is, or because of paragraph (a) or (b) continues to be, the principal home of the person's spouse; and

   (d) any period:

        (i) during which the person resides in a nursing home; and

          (ii)  where the person's spouse died while paragraph (c) applied and while a resident of a nursing home—within the 2 years immediately after the person's spouse became such a resident; and

   (e) any period:

        (i) during which the person resides in a nursing home; and

          (ii)  where the person's spouse died while paragraph (c) applied but not while a resident of a nursing home— within the 2 years immediately after the death.".

  Commencement: Day of Royal Assent

Income from loans

  53. Section 50b of the Principal Act is amended:

  (a) by inserting in subsection (1) the following definitions:

     " 'account', in relation to a financial institution, means an account maintained by a person with the institution to which is credited money received on deposit by the institution from that person;

     'entry contribution' has the same meaning as in section 50a;

     'financial institution' means a bank, building society, credit union or other institution that receives money on deposit;";

     (b) by omitting from subsection (3) "bank, building society or credit union" and substituting "financial institution";

  (c) by inserting after subsection (3) the following subsection:

     "(3a) For the purposes of this section, a person's entry contribution in relation to a retirement village is not a loan by the person.";

  (d) by inserting after subsection (4) the following subsection:

     "(4a) The Minister may, by written notice, determine that this section does not apply to a specified loan or class of loans.".

  Commencement: 22 August 1990

54. (1) After section 50b of the Principal Act the following section is inserted:

Income from certain money

  "50c. (1) In this section:

'account', in relation to a financial institution, means an account maintained by a person with the institution to which is credited money received on deposit by the institution from that person;

'assumed rate' means 10% or, if there is a lower rate determined under subsection 4d (7) of the Social Security Act 1947, that lower rate;

'available money', in relation to a person, means money held by, or on behalf of, the person, but does not include deposit money or money to which section 50b applies;

'deposit money', in relation to a person, means the person's money that is deposited in an account with a financial institution;

'financial institution' means a bank, building society, credit union