will selling my house affect my benefits

/ 19 September 2016 If you or your partner are 60 or over, we ignore this money for a year from the date you receive it. Any property where you have started legal proceedings against the person living there to get possession so you can live in it, from the date you started proceedings. Always obtain independent, professional advice for your own particular situation. How does selling the family home affect the Age Pension? you are 65 years old or older at the time you make a downsizer contribution (there is no maximum age limit), the amount you are contributing is from the proceeds of selling your home where the contract of sale exchanged was on or after 1 July 2018, your home was owned by you or your spouse for 10 years or more prior to the sale – the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale, your home is in Australia and is not a caravan, houseboat or other mobile home, the proceeds (capital gain or loss) from the sale of the home are either exempt or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption if the home was a CGT rather than a pre-CGT (acquired before 20 September 1985) asset, you have provided your super fund with the, you make your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement. If you have children. In some situations, great furniture can improve the value of your home. Your home and the two hectares surrounding it are not counted under the assets test. ( 16 August 2018 ).

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If you’re getting any means-tested benefits – where your eligibility is based on how much money you have – the value of your home isn’t counted if you’re living in it, but money you get from the sale of it would be.

While you are trying to sell real property, you can receive SSI benefits for up to 9 months under certain conditions. The term ‘final home’ is used when it is assumed that you will not be investing the proceeds from the sale into another house.

I would assume that if you did not put the money toward another residence, say as a down payment, or toward the purchase of a new primary vehicle, it might wind up sitting in a bank account as countable assets. In fact, if you've been worrying about this, it may be for nothing. He now works as a freelance writer for a wide range of business and finance publications. Gertrude does not want to contribute funds from the sale to her super until after the settlement of her new property to ensure she has enough money to purchase and move into the property. If you sell your home, the proceeds will be exempt from the assets test for up to 12 months, as long as you are planning to use the money to buy another home.

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