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Jessie T.
Jessie T.
Katoomba, NSW
2 Likes
0 Followers

Hi,
Just turned 60 and want to ask a question about my pension. My partner of 8 years and I have decided to go our own ways and we will look to sell a little investment property we have in Forster. It is 50/50 and probably sell for about $380,000, no debt.

I own my own home, about $640,000 so if I get $190,000 less costs from the sale, how will it affect my pension, thank you

2 weeks ago

Responses

Hi Jessie

The ASSETS test will obvioulsy apply, however based on what you have said you will be under the asset test threshold of $258,500 for a single homeowner.

www.humanservices.gov.au/individuals/enablers/assets/30621

The INCOME test is the thing that might catch you:

for every dollar you earn over $172/fortnight, your pension gets reduced by 50 cents.

www.humanservices.gov.au/individuals/services/centrelink/age-pension/eligibility/income-test-pensions

I note that you are 60, so your pension is probably not the age pension.....however the income and assets tests are applied to a wide range of pensions.

Best advice I can give you is make an appointment with Centrelink and go through it with them.

You also have another issue: Capital Gains Tax. For that I strongly recommend you talk to a good accountant BEFORE you sell the property

good luck

BC

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