FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 12   Meaning of qualifying interest in a dwelling  

12(1)    
A person holds a qualifying interest in a dwelling if the person is the legal owner of the dwelling (whether alone or together with others).

12(2)    
Without limiting the scope of subsection (1), a person holds a qualifying interest in a dwelling if:

(a) the person is a lessee or licensee (whether alone or together with others) under a lease or licence that gives the person reasonable security of tenure over the dwelling; and

(b) in the case of a lease - the lease is a Crown lease (within the meaning of the Income Tax Assessment Act 1997 ); and

(c) in the case of a licence - the licence was granted by the Commonwealth, a State or a Territory.

12(3)    
Without limiting the scope of subsection (1), a person holds a qualifying interest in a dwelling if:

(a) the person holds an equity of redemption in respect of the dwelling; or

(b) where the dwelling is a flat or home unit - the person is the legal owner of a share that:

(i) is in a company that is the legal owner of the land on which the flat or home unit is erected; and

(ii) gives the person a right to occupy the flat or home unit; or

(c) where the dwelling is in an aged care facility or retirement village - the person holds a right for him or her to occupy the dwelling.

12(4)    
A person also holds a qualifying interest in a dwelling if circumstances exist as specified in regulations made for the purposes of this subsection.

12(5)    
Despite anything else in the section, a person does not hold a qualifying interest in a dwelling if:

(a) the dwelling is not fixed to land; or

(b) circumstances exist as specified in regulations made for the purposes of this paragraph.

12(6)    
A person acquires a qualifying interest in a dwelling when he or she starts to hold a qualifying interest in the dwelling.