Holiday homes are great, but they don’t produce retirement income and might limit your age pension payments.
Already a subscriber?Q: I read in your column recently about a person who had a family holiday home which caused them to be. What might have been done in those circumstances to achieve a better outcome? Frank
The holiday home is held to provide the opportunity for the family to use it whenever they want to “get away” and they do not incur the cost of accommodation which they would otherwise need to do if they rented from a third party. If a family has a holiday home and is concerned about their financial capacity to support it, says Crump, consideration could be given to selling it and investing the proceeds in a more traditional income producing asset, such as listed shares or managed investment funds.
Some investments, such as art for example, are bought with the expectation of capital return over time, as well as personal enjoyment of seeing the artwork in your own home. Centrelink will assess the asset under the asset test as it is not producing income and you are expected to provide up-to-date valuations on this.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Huge concern’: Unanswered calls to Centrelink and Medicare hit 11 million as wait times balloon7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Centrelink warning over possible payment changes for recipients travelling overseas7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
‘Huge concern’ as staggering amount of Centrelink, Medicare calls go unansweredA staggering 11 million calls to Centrelink and Medicare went unanswered in the year to April highlighting the “distressing” reality many struggling Aussies face as average wait times doubled.
Read more »
Centrelink, Medicare call waiting times balloon and over 11 million calls not answeredMore than 11 million calls to Centrelink and Medicare were unanswered in the year to April, while wait times increased to almost an hour for some categories of support.
Read more »
‘You might need to amend your tax return’: Centrelink warns recipients of payment change7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
What Aussies receiving Centrelink payments need to know this tax time7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »