This case illustrates the consequence where the net sale proceeds was not entirely applied in the application of the replacement home.
property
Things to consider when purchasing an investment property
Based on ATO data, just over 2 million Australians own an investment property. Does this mean everyone should consider if an investment property is appropriate for their wealth strategy?
Downsizer contributions: beneficiary eligibility age to be reduced to 55
From 1 July 2022, the eligibility age for the beneficiary of the downsizer contribution was reduced from age 65 to 60. Now the Government has proposed that the eligibility age for the beneficiary of the downsizer contribution be further reduced from the current age 60 to age 55.
Incentivising pensioners to downsize
The Government is continuing its policy to remove financial barriers which currently inhibit age pensioners (and service pensioners) from downsizing due to the application of the means tests to the sale proceeds of a pensioner’s principal place of residence.
New headaches for NSW property owned by SMSFs
Amendments made last month to the NSW Duties Act could cause material headaches to super funds holding real estate in NSW.
Co-ownership: Help children with house deposit
With soaring house prices in all Australian capital cities and many popular regional areas, the “bank of mum and dad” has never been more popular as a way to help your kids get their first step onto the property market ladder, whether to buy their first home to live in or their first real estate investment.
First home buyers benefit from amended Super Saver Scheme
The cap on the amount of contributions which can participate in the First Home Super Saver Scheme will be $50,000 (currently $30,000) from 1 July 2022.
ATO to provide super details in family law property matters
An amendment bill has now been introduced into Parliament to permit the Australian Taxation Office (ATO) to provide details about the superannuation accounts of a party to a Family Law property proceeding.