Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1118:p6
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1118 (pt 6/6)
Character Range: 2159189–2160770

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.
 (2A) Subsection (2) does not apply to the calculation of the value of a person's assets for the purposes of sections 198F to 198MA or 1123 to 1128 (disposal of assets).
 (2B) For the purposes of subsection (1B), the Secretary may determine, in writing, a period of up to 36 months if:
 (a) a person who has sold his or her principal home is making reasonable attempts to purchase, build, repair or renovate another residence; and
 (b) the person has been making those attempts within a reasonable period after selling the principal home; and
 (c) the person has experienced delays beyond his or her control in purchasing, building, repairing or renovating the other residence.

Value of certain personal effects of less than $10,000
 (3) For the purposes of this section, if:
 (a) the value of any assets of a person or, if the person is a member of a couple, of the person and the person's partner, that consists of the contents of a principal home and of other personal effects that are used primarily within the principal home does not exceed $10,000; and
 (b) the assets are used primarily for private or domestic purposes;
the value of the assets is to be taken to be $10,000 unless the person satisfies the Secretary that the value of the assets is less than $10,000.

This section subject to sections 1145A to 1157
 (4) This section has effect subject to sections 1145A to 1157 (special residences).