Document ID: chunk:federal_register_of_legislation:C2004A04148:body:0:p23
Version: federal_register_of_legislation:C2004A04148
Segment Type: other
Provision Reference: 
Character Range: 68051–70856

section 12a of the Social Security Act 1947.".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-C1):

  Omit "The person", substitute "A person".

Section 49b (Earnings Credit Account Balance Calculator—point 49b-D1):

  Omit "The person", substitute "A person".

Paragraphs 52 (1) (a) and (b):

  Omit the paragraphs, substitute:

      "(a) if the person is not a member of a couple—the value of any right or interest of the person in the person's principal home that:

       (i) is a right or interest that gives the person reasonable security of tenure in the home; and

       (ii) is not a granny flat interest in the home;

     (b) if the person is a member of a couple—the value of any right or interest of the person in one residence that is the principal home of the person, of the person's partner or of both of them that:

          (i) is a right or interest that gives the person or the person's partner reasonable security of tenure in the home; and

       (ii) is not a granny flat interest in the home;".

Paragraph 52 (1) (fa):

  Omit the paragraph, substitute:

  "(fa) if:

          (i) the person has a granny flat interest in the person's principal home; and

         (ii) the granny flat interest gives the person reasonable security of tenure in the home; and

          (iii) the person acquired or retained the granny flat interest before 22 August 1990;

SCHEDULE 2—continued

      the value of the granny flat interest;".

Subsection 52e (2):

  Omit the subsection, substitute:

"(2) For the purposes of subsection (1), the value of any granny flat interest of the person is taken not to be consideration received by the person.

Note: for 'granny flat interest' see subsection 5l (8a).".

Subsection 52g (1):

  Omit "1 June 1984", substitute "1 March 1986".

Subsection 52g (1):

Insert "for the period of 5 years that starts on the day on which the disposition takes place" after "assets" (fourth occurring).

Paragraph 52g (1) (b):

  Omit "$2,000", substitute "$10,000".

Paragraph 52g (1) (c):

  Omit "$2,000", substitute "$10,000".

Subsection 52g (2):

  Omit the subsection, substitute:

  "(2) If:

  (a)     a person disposes of an asset before 1 March 1991 ; and

    (b)     an amount (in this subsection called the 'relevant amount') is included in the value of the person's assets under subsection (1) because of the disposition;

the amount that is to be included in that value under that subsection is to be reduced, on each anniversary of the day on which the disposition took place, by an amount equal to 10% of the relevant amount.

Note 1: for 'disposes of an asset' see section 52e.

Note 2: for 'amount of disposition' see section 52f.".

Subsection 52h (1):

  Omit "1 June 1984", substitute "1 March 1986".

Paragraph 52h (1)