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Bill S.
Bill S.
Mortdale, NSW
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My wife and I are in our early 70’s and concerned about the money coming in and how it is impacting the things we want to do. We own our family home and would like to ask about the implications of our 2 kids buying into our home? Are there tax issues for us or them?

last year

Responses

Hi Bill,

You and your wife need to sit down with both your accountant and financial planner!

There can be tax implications for your kids buying into your property. They might be able to negatively gear for 'rent' received, and there will be capital gains implications when the house is sold.

If not enough money coming in, maybe look at the downsize option the government has thrown in, where you can put funds into super that may not impact on pension numbers (financial planner can give you more here).

With the plans you might be looking at, it might also be a good time to review your wills, to make sure it is up-to-date considering changing circumstances now.

Todd.

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