Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1118:p3
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1118 (pt 3/6)
Character Range: 2151914–2154555

principal home of the person—so much of the balance due to the person in respect of the sale as will be applied by the person in respect of the purchase of the other residence;
 (s) the amount of any insurance or compensation payments received by the person because of the loss of or damage to buildings, plant or personal effects within the immediately preceding 12 months or such longer period as the Secretary determines for any special reason for a particular payment;
 (sa) if subsection (1AB) applies (application of insurance etc. payments to rebuilding etc.)—the amount worked out under that subsection, during the period mentioned in subsection (1AC);
 (sb) if a person has received an NDIS amount—the amount worked out under subsection (1AD);
 (t) the value of any native title rights and interests of the person, or of a community or group of which the person is a member;
 (u) the amount of any accommodation bond balance in respect of an accommodation bond paid by the person;
 (v) the amount of any refundable deposit balance in respect of a refundable deposit paid by the person.
Note 1: For granny flat interest see subsection 12A(2).
Note 2: For principal home see section 11A.
Note 3: For reasonable security of tenure see subsection 11A(10).
Note 4: For exempt funeral investment see section 19E.

Application of insurance etc. payments to rebuilding etc.
 (1AA) Subsection (1AB) applies if:
 (a) a person receives any insurance or compensation payments because of loss of or damage to a building (including the person's principal home) or plant; and
 (b) either:
 (i) if the building or plant was lost—the person applies the whole or a part of those payments to build another building or plant to replace the building or plant that was lost; or
 (ii) if the building or plant was damaged—the person applies the whole or a part of those payments to rebuild, repair or renovate the building or plant.
 (1AB) For the purposes of paragraph (1)(sa), the amount that may be disregarded is:
 (a) the value of the building or plant that is being built, rebuilt, repaired or renovated, to the extent that those payments are so applied; and
 (b) if a building whose value is being disregarded under paragraph (a) of this subsection is to be the person's principal home:
 (i) the value of the land on which the building 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 11A, be included in a reference to the principal home; and
 (ii) the value of any other structure, on that land, that is to be the person's principal home to the