Document ID: chunk:federal_register_of_legislation:C2019A00005:clause:3_53
Version: federal_register_of_legislation:C2019A00005
Segment Type: clause
Provision Reference: sch 3 cl 53
Character Range: 82828–83629

53  After subsection 52C(4)
Insert:
 (5) If:
 (a) a person is or was participating in the pension loans scheme; and
 (b) either:
 (i) the person's real assets are subject to a charge under section 52ZF; or
 (ii) if the person is a member of a couple—the couple's real assets are subject to a charge under section 52ZF;
then the value of those real assets, for the purposes of calculating the value of the person's assets for the purposes of this Act (other than Division 3 and sections 52G, 52H, 52JA, 52JB, 52JC and 52JD), is to be reduced by the amount of the debt owed by the person under section 52ZC because of that participation.
Note: If there are other charges or encumbrances over any of those real assets, there may be a further reduction under subsection (1) in the value of those assets.