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These definitions apply to all payments subject to assets testing provisions.
A sale leaseback agreement is a commercial arrangement in which a person sells their principal home (section 11A(1)) but continues to live in it for a contracted period, often for life.
Part payment is made when the agreement is signed and the balance is paid when the property is vacated. Sometimes the agreement also involves a stream of payments for a fixed number of years.
Act reference: SSAct section 11A(1) Principal home
A home is a sale leaseback residence IF it is subject to a sale leaseback agreement.
Sale leaseback residences are classified as special residences and are assessed using the special residence provisions.
Act reference: SSAct section 12B Sale leaseback definitions
Policy reference: SS Guide 4.6.4.40 Assessing Sale Leaseback Residences
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Last reviewed: 1 March 2010
