Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1156
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1156
Character Range: 2291552–2293133

1156  Members of ordinary couple with different principal homes (partner not in special residence and partner homeowner)
 (1) This section applies to a special resident if:
 (a) the resident is a member of an ordinary couple with different principal homes; and
 (b) the principal home of the resident's partner is not a special residence; and
 (c) the right or interest of the partner in the partner's principal home would, but for this section, be disregarded because of paragraph 1118(1)(b).
 (2) If this section applies to a special resident, then, for the purposes of this Act:
 (a) the resident and the resident's partner are each to be taken to have a right or interest in a principal home to which paragraph 1118(1)(b) applies; and
 (b) the value of the resident's principal home is to be taken to be the amount of the resident's entry contribution; and
 (c) any right or interest of the resident in:
 (i) the more valuable of the 2 principal homes; or
 (ii) where the value of the 2 principal homes is the same—the principal home that is not a special residence;
  (in this subsection called the more valuable principal home) is to be disregarded in calculating the actual value of the resident's assets; and
 (d) any right or interest of the partner in the more valuable principal home is to be disregarded in calculating the actual value of the partner's assets; and
 (e) the assets of the person whose principal home is not the more valuable principal home are to be taken to include an asset whose value is equivalent to the value of the less valuable principal home.