Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT 1992 No. 81, 1992 - SECT 55

55. Section 1118 is amended:

   (a)  by omitting from subparagraph (1)(a)(i) "and";

   (b)  by omitting subparagraph (1)(a)(ii);

   (c)  by omitting from subparagraph (1)(b)(i) "and";

   (d)  by omitting subparagraph (1)(b)(ii);

   (e)  by inserting after paragraph (1)(g) the following paragraphs:

"(ga) if:

        (i)    the person has a granny flat interest in the person's principal
               home; and

        (ii)   the person is a person to whom subsection 1150(2), 1151(2),
               1152(2), 1152(5), 1153(2), 1154(2), 1155(2), 1156(2) or 1157(2)
               applies; the value of the granny flat interest; Note: a person
               described in subparagraph (ii) will have acquired or retained
               the granny flat interest on or after 22 August 1990 (see
               section 1145A).

   (gb) if:

        (i)    the person is a sale leaseback resident; and

        (ii)   the person is a person to whom subsection 1150(2), 1151(2),
               1152(2), 1152(5), 1153(2), 1154(2), 1155(2), 1156(2) or 1157(2)
               applies; the value of any right or interest of the person in
               the sale leaseback home;";

   (f)  by omitting "11(9)" from Note 1 to subsection (1) and substituting
        "12A(2)".