Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
Part 3.12 Divisions 3 and 4: Home equity access scheme and retirement village residents – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)

Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) 1145-1157: Retirement village residents: entry contribution, extra allowable amount and homeowner status

What does 1145-1157 require?

A retirement village resident's treatment under the assets test depends on family situation, entry contribution and extra allowable amount (section 1146): the entry contribution is the amount paid for the right to live in the village (section 1147), the extra allowable amount is the difference between the homeowner and non-homeowner assets value limits (with the fixed amounts for residence taken up before the historical dates in section 1148), and a resident whose entry contribution exceeds the extra allowable amount is treated as a homeowner with the entry contribution disregarded, while a resident whose entry contribution is at or below it is a non-homeowner with the entry contribution counted as an asset (sections 1150 to 1157 for singles, couples, illness separated couples and couples with different principal homes). Renegotiated agreements are handled by section 1149.

Maintained by Gerard Blokdyk

Other controls in Part 3.12 Divisions 3 and 4: Home equity access scheme and retirement village residents – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)

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