Section 16 — Veterans' Entitlements Act 1986: Meaning of exempt bond amount

(1) The following is how to work out a person’s exempt bond amount. (2) If the person is covered by subclause 13(1) (but not subclause 13(2)), the person’s exempt bond amount is any amount of accommodation bond payment refunded to the person under the refund agreement mentioned in that subclause. (3) If the person is covered by subclause 13(2) (but not subclause 13(1)), the person’s exempt bond amount is the gross proceeds of the sale mentioned in that subclause, less: (a) any costs incurred in the course of the sale; and (b) the amount of any debt the person or the person’s partner owed immediately before the sale, so far as the debt was secured by the home at that time. (4) If the person is covered by both subclauses 13(1) and (2), the person’s exempt bond amount is the greater of the 2 amounts worked out under subclauses (2) and (3) of this clause. (5) If the person is covered by subclause 13(3), the person’s exempt bond amount is equal to the exempt bond amount of the person’s partner, as worked out under subclause (2), (3) or (4) of this clause. (6) But in all of the above cases, if the person currently has a partner (who is not deceased), the person’s exempt bond amount is half of what it would otherwise be.