What is an ownership interest?

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In the case of a flat or home unit, you have an ownership interest if you have:

• a legal or equitable interest in a strata title in the flat or home unit
• a licence or right to occupy the flat or home unit, or
• a share in a company that owns a legal or equitable interest in the land on which the flat or home unit is constructed and that share gives you a right to occupy the flat or home unit.

In the case of a dwelling that is not a flat or home unit, you have an ownership interest if you have:

• a legal or equitable interest in the land on which it is constructed, or
• a licence or right to occupy it.

In the case of land, you have an ownership interest if you have:

• a legal or equitable interest in it, or
• a right to occupy it.

An equitable interest may include life tenancy of a dwelling that you acquire - for example, under a deceased's will.