In an effort to “minimise the burden” of downsizing for senior Australians, and free up housing stock for younger families, the government has introduced the Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Bill 2022, which gives pensioners an additional 12-month asset test exemption on their home sale proceedings.
The purpose of this is to give older Australians more time to “purchase, build, rebuild, repair or renovate” a new principal home before their pensions are affected.
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