If it's your main place of residence, it doesn't attract capital gains tax and is therefore not assessable. I think there may be rules on how long you can keep the cash before it is classed as assessable though, think it may be 12 months?
i am pretty sure if its money you get from inheritance it does affect your benefits. also i am pretty sure any interest accured from having the money in your account will affect your taxable income. i know of someone who got some inheritance from the death of her parents and she had to put most of it into super so that it wouldnt affect her centerlink benefits. also, i think they put some into the renovation of their current house and that didnt count towards the centerlink income estimate. however, she did give her children a fair bit of money as a 'gift' and even though she doenst have the money she still has to include it in her centerlink stuff until a certain amount of time has passed. I dont know how reliable this info is though, just word of mouth.
Registered User
Reply With Quote
Bookmarks