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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Would this 20yr rule apply to investment unit being rented
Hi Toni. The 20 year rule for an exemption based on the ‘extended land use test’ only applies to the principal place of residence so the answer will is no unfortunately
I don’t understand what the 20-year rule is trying to achieve.
We have lived on a small farm for 18 years that if we sold it, we could not buy a house in Melbourne’s eastern suburbs with the money from the sale without borrowing. It just seems unfair to penalize people on rural properties.
We meet every other part of this asset’s test for rural customers but cannot apply for hardship as I have a 100k in super that is considered readily available funds as i have retired.
I was in a similiar situation, Centrelink will not help you until you ask, even if they know you have been on your property for 20 years. I was not aware of this rule until l had an appointment with Nicole! It increased our pensions by around $200 a fortnight. A great result. Thanks again Nicole
Kind regards
Paul
How does Centrelink value the land over the first 2 hectares? Do they use the valuation on your Rates notice?
Hi Catherine, thanks for contributing! You are correct Centrelink do use the rates notice as a guide but they can also use Google to search for valuation estimates or in rare cases they may actually request an assessor to value the property.