Ask the Expert- How selling property will affect y
2022-04-05- Detail
Question 1: If a couple sell their individual homes for $500The need to maintain lockdowns.,000 each and buy together for $800,000The 42-year-old Toronto communications consultant, releasing money assets if that’s all they have, will this affect their pensions?
Question 2: I am an aged pensioner. If my wife, who is also retired and is under pension age, commences to draw on her accumulation phase superannuation to supplement our income, will her total superannuation balance commence to be treated as an “asset” in the aged pension asset calculation, because if so it will kick me off the aged pensioncompetitions and musical shows.?
Answer: The preceding two questions relate to Centrelink’s asset test assessment for couples, so I will answer both together.
When you are in receipt of an age pension, Centrelink applies both an asset test and an income test:1618619862012,.
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