27Moneys held outside Australia by members of Defence Force etc.

27 Moneys held outside Australia by members of Defence Force etc.

(1) This section applies to a person in relation to a date if, on that date: (a) the person was serving outside Australia as a member of the Defence Force; or (b) the person was the spouse, or a child under the age of 21 years, of a person mentioned in paragraph (a). (2) For the purposes of this Act, the acceptable savings of a sole applicant on a date on which the applicant was a person to whom this section applies, include moneys, other than borrowed moneys, that were held on that date outside Australia by the applicant (or by the applicant jointly with a person who was, on that date, the spouse of the applicant) in a form approved by the Secretary. (3) For the purposes of this Act, the acceptable savings of joint applicants on a date on which any of the joint applicants was a person to whom this section applies include moneys, other than borrowed moneys, that were held on that date outside Australia by the joint applicant (or by the joint applicant jointly with a person who was, on that date, the spouse of the joint applicant) in a form approved by the Secretary. (4) In the application of subsection (3) in relation to a joint applicant to whom this section applies, the reference in that subsection to moneys held on a date by that joint applicant and a person who was the spouse of the joint applicant on that date shall, if the spouse is also a joint applicant in respect of the same application, be read as a reference to one‑half only of the moneys so held jointly. (5) In this section, borrowed moneys means: (a) in relation to moneys held by an applicant—moneys borrowed by the applicant; and (b) in relation to moneys held jointly by an applicant and the spouse of the applicant—moneys borrowed by the applicant, by the spouse of the applicant or by both of them.