Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52:p6
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52 (pt 6/7)
Character Range: 723548–726268

purposes of this Part (other than Subdivision B of this Division and Division 3):
 (a) if subparagraph (1E)(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 (1E)(c) ends;
 (ii) the Commission becomes satisfied that the person has ceased to have that intention; or
 (b) if subparagraph (1E)(c)(ii) applies—disregard the value of the following, until the end of the period mentioned in paragraph (1E)(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 5LA, 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 (1E)(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 (1E)(c) ends;
 (ii) the Commission becomes satisfied that the person has ceased to have that intention.
 (2A) For the purposes of subsection (1E), the Commission 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, where:
 (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 Commission that the value of the assets is less than $10,000.

This section subject to sections 52KA to 52X
 (4) This section