Commonwealth Consolidated Acts

VETERANS' ENTITLEMENTS ACT 1986 - SECT 5MA

             (1)  In this Act, unless the contrary intention appears:

"granny flat interest" has the meaning given by subsection (2).

"granny flat resident" has the meaning given by subsection (3).

             (2)  A person has a granny flat interest in the person's principal home if:

                     (a)  the residence that is the person's principal home is a private residence; and

                     (b)  the person has acquired for valuable consideration or has retained:

                              (i)  a right to accommodation for life in the residence; or

                             (ii)  a life interest in the residence.

          (2A)  Subsection (2) does not apply:

                     (a)  to a person to whom Division 8 of Part IIIB applies because the person has transferred his or her qualifying interest in a farm in accordance with paragraph 49A(1)(a) or (2)(a); or

                     (b)  if the person's partner has transferred by way of gift:

                              (i)  to an eligible descendant of the person; or

                             (ii)  jointly to an eligible descendant of the person and to the descendant's partner;

                            his or her qualifying interest in a farm--to the person's partner;

if the person or the person's partner (as the case may be), on so transferring his or her qualifying interest in the farm, has retained a life interest in the dwelling house on the farm, and in any adjacent area of land used primarily for private or domestic purposes in association with that dwelling‑house, that constitute his or her principal home.

          (2B)  Subsection (2) does not apply:

                     (a)  to a person to whom Division 8A of Part IIIB applies because the person has transferred his or her eligible interest in a sugarcane farm in accordance with paragraph 49Q(1)(a) or (2)(a); or

                     (b)  if the person's partner has transferred by way of gift:

                              (i)  to an eligible descendant of the person; or

                             (ii)  jointly to an eligible descendant of the person and to the descendant's partner;

                            his or her eligible interest in a sugarcane farm--to the person's partner;

if the person or the person's partner (as the case may be), on so transferring his or her eligible interest in the farm, has retained a life interest in the dwelling house on the farm, and in any adjacent area of land used primarily for private or domestic purposes in association with that dwelling‑house, that constitute his or her principal home.

             (3)  A person is a granny flat resident if the person has a granny flat interest in the person's principal home.