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9.2.5 Special Residence - Assessment Rules
In this section
This section demonstrates whether a person residing in a special residence should be considered to be a homeowner or non-homeowner and it also provides additional assessment rules for variations on these residences.
According to subsection 5MC(2) of the VEA a special residence is:
- a retirement village; or
- a granny flat; or
- a sale leaseback home.
A person is a homeowner if he or she has a right or interest, which gives reasonable security of tenure in the principal home. A person is also considered to be a homeowner if they have sold their home in the previous 12 months and intend to use part or all of the proceeds to purchase another home.