Document ID: chunk:federal_register_of_legislation:C2004A04148:body:0:p24
Version: federal_register_of_legislation:C2004A04148
Segment Type: other
Provision Reference: 
Character Range: 70621–73538

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) (b):

  Omit "$4,000", substitute "$10,000".

Paragraph 52h (1) (c):

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

SCHEDULE 2—continued

Subparagraph 52h (1) (c) (i):

  Omit "$4,000", substitute "$10,000".

Paragraph 52h (1) (d):

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

Subparagraph 52h (1) (d) (i):

  Omit "$4,000", substitute "$10,000".

Subsection 52h (1) (Notes 1 and 2):

  Omit the Notes.

Subsection 52h (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 or the person's partner'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.".

Heading to Subdivision C of Division 14 of Part III:

  Add at the end "and granny flats".

Section 52k:

  Repeal the section, substitute:

Retirement village and granny flat residents

  "52k. For the purposes of this Subdivision:

    (a)     a person is a retirement village resident if the person's principal home is in a retirement village; and

    (b)     a person is a granny flat resident if the person has a granny flat interest in the person's principal home.

Application of Subdivision to granny flat residents

"52ka. This Subdivision applies to a granny flat resident only if the resident acquired or retained the person's granny flat interest in the person's principal home on or after 22 August 1990.".

SCHEDULE 2—continued

Section 52l:

  Insert "or granny flat" after "retirement village".

Subsection 52m (1):

  Insert "or granny flat" after "retirement village" (first occurring).

Paragraph 52m (1) (a):

  Insert "or granny flat" after "retirement village".

Paragraph 52m (1) (b):

  Insert "or granny flat" after "retirement village".

Paragraph 52m (1) (c):

  Insert "or granny flat" after "retirement village".

Paragraph 52m (1) (d):

Insert "or granny flat" after "retirement village" (wherever occurring).

Paragraph 52m (1) (e):

Insert "or granny flat" after "retirement village" (wherever occurring).

Paragraph 52m (1) (f):

Insert "or granny flat" after "retirement village" (wherever occurring).

After subsection 52m