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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.
I’m a 66 year old woman retiring next year, I have an investment property. My husband is 5 years younger than me so he will be working for another 6 years.
I don’t know what to do with my investment property before I retire, please give me some advice
Kind regards
Mari (Connie) Darken
Hi Mari, good on you for getting in early so you can plan ahead! It would be best for you to book in a consultation with our Financial Adviser. This way we can understand your individual needs/goals, then help you plan for your retirement from the POV of maximising your entitlements. The session goes for 60mins and costs $330, CLICK HERE to book.
In Susan’s scenario, for losing her pension, was due to the rule below.
Should Susan have waited to repurchase 12 months after selling her property, to avoid the consequence of losing her pension?
“In selling and repurchasing quickly she did not realise that the proceeds of the sale would be asset test exempt for 12 months, so she did not really need to rush her decision-making.”
Please explain more about exemptions for capital gains tax.
I have no Centrelink and a couple of investments, retired and 63yrs
Hi Lizzie, thanks for the suggestion! We’ll see if we can do an article covering off capital gains tax in the coming weeks.
you state in this article to be eligible to use the downsizer contribution it needs to be ‘a home that you have LIVED in for more than 10 years’.
can you clarify this? I thought it was that you needed to OWN it for 10 years and for it to be at LEAST partially CGT exempt but I cannot find the actual length of time you need to have LIVED in it
My sister[64] has lived with my dad for the last 30 years looking after him. She inherited the house in the will. Will she need to wait 10 years before she can downsize and have the ability to put up to $300,000 into her superannuation which is very small at the moment without any issues.Is the legislation about living in the house or ownership for 10 years.
Hi Mark, That’s certainly a tricky one. The ATO provides more information about what is needed to qualify to make a downsizer contribution on their website here.
Note that the downsizer contribution may not be the only way to get some funds into superannuation. To discuss the situation with a little more clarity your sister may benefit from making an appointment for a consultation with me or one of my colleagues. There is a booking link here.