Living in two States
Q:
Q: I'M APPROACHING 65 years old and will be applying for the Age Pension. We have family in Brisbane and Tasmania and would like to split our time. Is there a strategy to allow us to have a modest house in both states (rather than a more substantial house in one place) and not have the second house listed as an asset under the Assets Test?
Our expert, Desiree Fraser , is a certified financial planner with CountAbility.
A : Unfortunately, your dream can not come to pass – at least not under the Assets Test. An income support recipient or couple can only have one principal home, which is basically the one they spend most time in each year. If they spend the same amount of time in each, then the more expensive one is the principal home. See the link below for more information.
Our Expert, Desiree Fraser's phone number is 02 9831 4811 and her website is www.countability.com.au
