Document ID: chunk:federal_register_of_legislation:C2025C00162:section:8:p4
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 8 (pt 4/15)
Character Range: 85084–87761

considers it appropriate—a period of less than 12 months before the disposal.

Excluded amounts—home equity conversion (not member of a couple)
 (4) If a person is not a member of a couple, an amount paid to or on behalf of the person under a home equity conversion agreement is an excluded amount for the person to the extent that the total amount owed by the person from time to time under home equity conversion agreements does not exceed $40,000.

Excluded amounts—home equity conversion (member of a couple)
 (5) If a person is a member of a couple, an amount paid to or on behalf of the person or the person's partner under a home equity conversion agreement is an excluded amount for the person to the extent that the total amount owed by the person and the person's partner under home equity conversion agreements from time to time does not exceed $40,000.

Home equity conversion (amount owed)
 (6) For the purposes of this Act, the amount owed by a person under a home equity conversion agreement is the principal amount secured by the mortgage concerned and does not include:
 (a) any amount representing mortgage fees; or
 (b) any amount representing interest; or
 (c) any similar liability whose repayment is also secured by the mortgage.

Home equity conversion (principal home)
 (7) For the purposes of the definition of home equity conversion agreement in subsection (1), an asset cannot be a person's principal home unless the person or the person's partner has a beneficial interest (but not necessarily the sole beneficial interest) in the asset.

Excluded amounts—general
 (8) The following amounts are not income for the purposes of this Act:
 (a) a payment under this Act;
 (b) any return on a person's investment in:
 (i) a superannuation fund; or
 (ii) an approved deposit fund; or
 (iv) an ATO small superannuation account;
  until the person:
 (v) reaches pension age; or
 (vi) starts to receive a pension or annuity out of the fund;
 (c) the value of emergency relief or like assistance;
 (f) a payment under Part III of the former Disability Services Act 1986 or the value of any rehabilitation program (including any follow‑up program) provided under that Part;
 (fa) the value of supports or services that are specified in an instrument under subsection (8AAAB) and are provided under an arrangement or grant under the Disability Services and Inclusion Act 2023;
 (g) a payment of domiciliary nursing care benefit under Part VB of the National Health Act 1953 as in force immediately before 1 July 1999;
 (h) a payment under a law of the Commonwealth, being a law having an object of assisting persons to purchase or build their own homes;
 (ha) a