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Post by quantumranger on May 27, 2018 9:03:33 GMT 7
Hi I saw the asset test if you own a house but don't live in it is 253,000
If I purchase an investment property and put it in my mum and my name co-owning it.
We will both be exempt.
As the house we purchased is 260,000
Would it work out 130,000 each we get assessed.
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Deleted
Deleted Member
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Post by Deleted on May 27, 2018 13:21:52 GMT 7
I'd say by being a co-owner you could definitely split it; even if it wasn't 50/50 split quantumranger. The always ask what your individual share is with all assets. Just bear in mind any assets they already have you down for will be added to that share. OK... probably highly unlikely; but if you have $150,000.00 in assets already, plus $130,000.00 half share in property; they'd deem you to have $280,000.00 in assets. $27,000.00 above the threshold. Cheers bear |
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Post by Banjo on May 27, 2018 15:31:52 GMT 7
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Post by scallywag on May 27, 2018 15:34:38 GMT 7
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Post by Denis-NFA on May 27, 2018 17:01:26 GMT 7
I'd be careful quantumranger. As Banjo says it can be complex. For instance you may find that 'gifting' half of the property to your mother will still affect your assets. |
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