Gordon is planning an extended trip overseas and would like to know if he’s away from Australia for more than 12 months, will Centrelink assess his home as an asset?
If you remain outside Australia for more than 12 months while claiming the Age Pension, do Centrelink assess your house as an asset?
A. There are three general rules:
1. If a customer has a definite intention not to return to their principal residence their house would be an assessable asset.
2. If a customer purchases a residence to live in overseas then whichever property they spend the least of their time living in would be an assessable asset.
3. If the customer has not purchased another residence and has an intention to return, their home would be considered to be their principal residence and would be an exempt asset for up to 12 months. This can potentially be extended under circumstances where the customer enters a care situation or their home has been lost or damaged.
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