17Acceptable savings to include certain moneys expended in purchase of certain residential land

17 Acceptable savings to include certain moneys expended in purchase of certain residential land

(1) For the purpose of determining the acceptable savings of an eligible person as at any time (in this subsection referred to as the relevant time), where moneys saved in Australia by the eligible person were expended before the relevant time in payment of the whole or a part of the purchase price in respect of the purchase by the eligible person or his or her spouse, or by both of those persons, of land that could, at the time when the moneys were expended, lawfully be used for residential purposes and is not land on which there has been, is being or is to be constructed a dwelling‑house in respect of which an application for a grant under this Act has been made by the eligible person and: (a) the eligible person or his or her spouse has, or both of those persons have, before 1 July 1965, or the expiration of six months after the prescribed date, whichever is the later, become entitled to receive a refund of the whole or a part of the moneys expended but had not, before the relevant time, received the whole of that refund; or (b) the eligible person or his or her spouse has, or both of those persons have, before 1 July 1965, or the expiration of six months after the prescribed date, whichever is the later, entered into a contract for the sale of the land but had not, before the relevant time, received the whole of the moneys that were payable to either or both of them in respect of the sale; the Secretary may, having regard to the area and the number of separate parcels of the land and the amount (if any) received by the eligible person before the relevant time as a refund of the moneys expended or in respect of the sale of the land, treat the acceptable savings of the eligible person as at that time as having included the whole, or such part as the Secretary thinks reasonable, of the moneys expended. (2) A reference in the last preceding subsection to the purchase or sale by a person of land shall be read as a reference to the purchase or sale, as the case may be, of any estate or interest in the land by the person, otherwise than as a trustee, or by another person as trustee for the first‑mentioned person.